§412:3-606  Conversion from State tocomparable federal financial institution.  (a)  A Hawaii financialinstitution may convert to a comparable federal financial institution if theconversion is approved at a meeting of its shareholders or members duly calledand noticed and upon a vote which satisfies the requirements of section412:3-604.

(b)  Within ten days after the meeting of itsshareholders or members approving the conversion, the financial institutionshall file with the commissioner:

(1)  A notice of intention to convert; and

(2)  A certificate signed by two executive officers ofthe financial institution verifying the validity of the meeting, that therequired vote was obtained, and that the attached copy of the resolution toconvert adopted at the meeting is true and correct.

(c)  Within a reasonably prompt time andwithout any unnecessary delay after the meeting approving the conversion, thefinancial institution shall take the action necessary to complete theconversion and to obtain a federal license, charter, certificate, or otherapproval to become a federal financial institution.

(d)  The date of issuance of the federallicense, charter, certificate, or other approval, or the effective date ofconversion stated in the license, charter, certificate or other approval, shallbe the effective date of the conversion.

(e)  Upon the effective date of the conversionas determined under federal law, the institution's state charter or licenseshall terminate without further notice, and the institution shall cease to beregulated by the commissioner.  Within ten days after receipt of the federalcharter, license, certificate, or other approval, the resulting financialinstitution shall deliver a copy thereof to the commissioner.  The resultingfinancial institution shall also file with the director of commerce andconsumer affairs a confirmation in writing by the commissioner of the date andtime of the conversion, together with the appropriate filing fee pursuant tochapter 414. [L 1993, c 350, pt of §1; am L 1995, c 54, §1; am L 2002, c 40,§22]