PART IV. 
INTRA-PACIFIC BANKS



 



§412:5-400  Definitions.  In this
chapter:



"Intra-Pacific bank" is a depository
institution or a banking company (1) engaged in the type of business permitted
to banks chartered by this State, (2) whose home office is located in a
reciprocal region, (3) a majority of whose deposits together with the deposits
of its subsidiaries and affiliates are held in a reciprocal region, and (4)
which is not directly or indirectly owned or controlled by any holding company
other than an intra-Pacific bank holding company.



"Intra-Pacific bank holding company"
is a holding company whose subsidiary banking companies hold a majority of the
aggregate deposits in a reciprocal region.



"Reciprocal region" means any one of
the territories or countries of Guam, American Samoa, the Federated States of
Micronesia, the Republic of Palau, the Commonwealth of the Northern Mariana
Islands, or the Republic of the Marshall Islands, only so long as:



(1)  Its economy is based on the United States dollar;
and



(2)  Its laws allow a bank that is a Hawaii financial
institution or its holding company to establish and operate a branch or acquire
the assets or control of or merge with a bank or bank holding company in that
territory or country, under terms and conditions which are substantially
comparable to or less restrictive than the laws of this State concerning the
commencement of operations, acquisitions, change of control and mergers of
banks and bank holding companies. [L 1993, c 350, pt of §1; am L 1996, c 13,
§7]