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