§412:3-211  Time limit to complete
organization.  (a)  A proposed Hawaii financial institution shall obtain
its required capital and surplus, complete its organization, and obtain a
charter or license from the commissioner within one year from the date of
issuance of the decision and order granting the application for preliminary
approval to organize; provided that for good cause shown by the applicant in
organization, the commissioner may by written order extend the deadline for a
period not to exceed six months.



(b)  If the applicant in organization fails to
meet the deadline set forth in subsection (a), the commissioner shall order the
applicant in organization to dissolve the proposed Hawaii financial
institution. [L 1993, c 350, pt of §1; am L 2006, c 228, §20]