§412:3-608  Conversion
to another type of financial institution.  (a)  A financial institution of any type, whether federal or State,
may convert to a Hawaii financial institution of any other type if the
institution and its holding company or holding companies, if any, shall have
complied with all requirements, conditions, and limitations imposed by this
part and by federal law, if applicable.



(b)  If the
converting institution is a Hawaii financial institution, its shareholders or
members shall approve a conversion to another type of financial institution at
a meeting duly called and noticed and upon a vote which satisfies the
requirements of section 412:3-604.



(c)  The
financial institution shall file an application with the commissioner pursuant
to section 412:3-603 for a charter or license to engage in the business of the
type of financial institution to which it will convert.  The application shall
be accompanied by:



(1)  A certificate signed by two executive officers of
the financial institution, verifying the validity of the meeting of the
shareholders or members, that the requisite vote had been obtained, and that
the attached copy of the resolution to convert adopted at the meeting is true
and correct, or that the applicant has complied with all federal laws and
regulations regarding the conversion, as the case may be;



(2)  The information required from applicants for
approval to organize a Hawaii financial institution of the type into which it
will convert; and



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



(d)  The
commissioner may require notice to be given to the



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



(e)  The
charter or license shall be granted only if the commissioner is satisfied that
the granting of the charter or license 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.  If the resulting Hawaii financial institution is a new
corporation to be formed under chapter 414, the director of commerce and
consumer affairs shall not file the articles of incorporation until the
application for a charter or license to engage in the business of the type of
financial institution to which it will convert 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.



(f)  If the
resulting Hawaii financial institution is an existing corporation formed under
chapter 414, the conversion shall be effective upon the effective date of the
new charter or license granted by the commissioner after all provisions of this
section and of federal law shall have been complied with in full.  If the
resulting Hawaii financial institution is a new corporation to be formed under
chapter 414, the effective date of the new charter or license shall be the date
of filing of the articles of incorporation by the director of commerce and
consumer affairs. [L 1993, c 350, pt of §1; am L 1994, c 107, §14; am L
1995, c 54, §3; am L 2002, c 40, §24; am L 2006, c 228, §26]