PART IV. INTRA-PACIFIC BANKS

 

§412:5-400  Definitions.  In thischapter:

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

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

"Reciprocal region" means any one ofthe territories or countries of Guam, American Samoa, the Federated States ofMicronesia, the Republic of Palau, the Commonwealth of the Northern MarianaIslands, 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 financialinstitution or its holding company to establish and operate a branch or acquirethe assets or control of or merge with a bank or bank holding company in thatterritory or country, under terms and conditions which are substantiallycomparable to or less restrictive than the laws of this State concerning thecommencement of operations, acquisitions, change of control and mergers ofbanks and bank holding companies. [L 1993, c 350, pt of §1; am L 1996, c 13,§7]