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



(b)  Within ten days after the meeting of its
shareholders or members approving the conversion, the financial institution
shall file with the commissioner:



(1)  A notice of intention to convert; and



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



(c)  Within a reasonably prompt time and
without any unnecessary delay after the meeting approving the conversion, the
financial institution shall take the action necessary to complete the
conversion and to obtain a federal license, charter, certificate, or other
approval to become a federal financial institution.



(d)  The date of issuance of the federal
license, charter, certificate, or other approval, or the effective date of
conversion stated in the license, charter, certificate or other approval, shall
be the effective date of the conversion.



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