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

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