§412:2-503  Applications to purchase.  (a) 
If the failing financial institution is a bank, savings bank, or depository
financial services loan company that is a Hawaii financial institution, or if
the institution to result from the acquisition proposed in the application is
to be any of the foregoing, the commissioner may accept an application under
this part only from:



(1)  A Hawaii financial institution;



(2)  A federal financial institution whose operations
are principally conducted in this State (unless the operations of any holding
company of such an applicant are principally conducted elsewhere than in
Hawaii);



(3)  A resulting bank as defined in article 12;



(4)  An out-of-state bank as defined in article 12;



(5)  The holding company of any of the foregoing, if
any; and



(6)  A person that is not a company.



(b)  No application shall be accepted which
provides for a merger or consolidation of a failing financial institution or a
purchase of its assets or assumption of its liabilities, or a purchase of its
capital stock if, as a result of such merger, consolidation, purchase or
assumption, any person would be eligible to receive deposits in this State
other than through a Hawaii financial institution, a federal financial
institution whose operations are principally conducted in this State, or a
resulting bank as defined in article 12.



(c)  An application filed under this part shall
contain such information as the commissioner may require, and shall indicate:



(1)  Whether the applicant proposes to merge with the
failing financial institution, purchase all or part of its assets and assume
all or part of its liabilities or purchase its capital stock;



(2)  The consideration to be paid; and



(3)  How the proposed purchase will promote the safety
and soundness of the failing financial institution, protect its depositors and
creditors, and otherwise be in the public interest.



(d)  The commissioner may establish a
reasonable deadline for the receipt of applications. [L 1993, c 350, pt of §1;
am L 1995, c 33, §1; am L 1996, c 207, §4; am L 1999, c 245, §2]