§412:2-506  Charter or license.  In anyacquisition pursuant to this part, a charter or license shall be required for:

(1)  Any Hawaii financial institution resulting from aconsolidation of an acquirer with a failing financial institution; and

(2)  Any new corporation (except a federal financialinstitution) formed to merge with or acquire the assets of a failing financialinstitution pursuant to this chapter, whether or not a provisional approval toorganize has been issued to such corporation. [L 1993, c 350, pt of §1]