§412:3-104  Qualifications of directors. 
Except for nondepository financial services loan companies, the board of
directors of every Hawaii financial institution shall at all times consist of
at least five directors, of whom at least three shall be residents of this
State at the time of their election and while holding office.  If any resident
director ceases to be a resident of this State or ceases to be a director, and
such circumstance causes the number of resident directors on the board to be
fewer than three, another resident director shall be immediately elected or
appointed in accordance with the institution's bylaws.  Except for
nondepository financial services loan companies, the board of directors of any
financial institution, which is a wholly-owned subsidiary of a holding company
incorporated in another state shall at all times consist of at least five
directors, of whom at least one shall be a resident of this State at the time
of election and while on the board. [L 1993, c 350, pt of §1; am L 1996, c 63,
§2]