§412:3-615 - Nonconforming assets or business.
§412:3-615 Nonconforming assets or
business. If a Hawaii financial institution resulting from a conversion,
merger, consolidation, acquisition, or assumption by law may no longer own
certain types of assets once it undergoes the conversion, merger, consolidation,
acquisition, or assumption, or if it may no longer engage in certain types of
business activities, the commissioner shall, as part of the order approving the
transaction, allow a reasonable time within which the institution may divest
itself of the nonconforming assets or business activities in order to conform
with law. [L 1993, c 350, pt of §1]