§412:3-607  Conversion from federalto comparable Hawaii financial institution.  (a)  A federal financialinstitution whose operations are principally conducted in this State mayconvert to a comparable Hawaii financial institution if the institution, andits holding company or holding companies, if any, shall have complied with allrequirements, conditions, and limitations imposed by federal law with respectto the conversion, subject to any rights of dissenting shareholders or membersand to obtaining a charter under this chapter.

(b)  The federal financial institution shallfile an application with the commissioner pursuant to section 412:3-603 for acharter to engage in business as a comparable Hawaii financial institutionpursuant to this chapter.  The application shall be accompanied by:

(1)  A certificate signed by two executive officers ofthe financial institution, verifying that it has complied with all federal lawsand regulations relating to the conversion;

(2)  The information required from applicants forapproval to organize a Hawaii financial institution of the same type; and

(3)  Any other information that the commissioner mayrequire.

(c)  The commissioner may require notice to begiven to the public as may be deemed appropriate.  The commissioner may conductan examination of the institution as provided under article 2, part II.  Thecost of any examination shall be assessed against and paid by the institutionpursuant to section 412:2-105.

(d)  The charter shall be granted only if thecommissioner is satisfied that the granting of the charter will not impair thesafety or soundness of the financial institution or any other financialinstitution, and that the applicant meets all the requirements set forth inthis chapter for the type of financial institution for which the applicationhas been filed.  The requirements shall include, but not be limited to, theappropriate location of offices, capital structure, business experience, thecharacter of its executive officers and directors, and compliance with allapplicable provisions of chapter 414.  The director of commerce and consumeraffairs shall not file the articles of incorporation until the application fora charter to engage in business as a Hawaii financial institution shall havebeen approved by the commissioner in writing.  The commissioner may impose anyrestrictions and conditions on the operation of the resulting financialinstitution as the commissioner deems appropriate and consistent with federallaw.

(e)  The conversion shall be effective upon thefiling of articles of incorporation by the director of commerce and consumeraffairs after all provisions of this section and applicable federal law havebeen complied with in full. [L 1993, c 350, pt of §1; am L 1995, c 54, §2; am L2002, c 40, §23]