§412:3-607  Conversion from federal
to comparable Hawaii financial institution.  (a)  A federal financial
institution whose operations are principally conducted in this State may
convert to a comparable Hawaii financial institution if the institution, and
its holding company or holding companies, if any, shall have complied with all
requirements, conditions, and limitations imposed by federal law with respect
to the conversion, subject to any rights of dissenting shareholders or members
and to obtaining a charter under this chapter.



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



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



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



(3)  Any other information that the commissioner may
require.



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



(d)  The charter shall be granted only if the
commissioner is satisfied that the granting of the charter will not impair the
safety or soundness of the financial institution or any other financial
institution, and that the applicant meets all the requirements set forth in
this chapter for the type of financial institution for which the application
has been filed.  The requirements shall include, but not be limited to, the
appropriate location of offices, capital structure, business experience, the
character of its executive officers and directors, and compliance with all
applicable provisions of chapter 414.  The director of commerce and consumer
affairs shall not file the articles of incorporation until the application for
a charter to engage in business as a Hawaii financial institution shall have
been approved by the commissioner in writing.  The commissioner may impose any
restrictions and conditions on the operation of the resulting financial
institution as the commissioner deems appropriate and consistent with federal
law.



(e)  The conversion shall be effective upon the
filing of articles of incorporation by the director of commerce and consumer
affairs after all provisions of this section and applicable federal law have
been complied with in full. [L 1993, c 350, pt of §1; am L 1995, c 54, §2; am L
2002, c 40, §23]