§412:5-401  Required approval.  Nointra-Pacific bank or intra-Pacific bank holding company may engage in businessin this State, except in one of the following three forms:

(1)  Branch.  An intra-Pacific bank may establish oracquire one or more branches in this State if it obtains the prior approval ofthe commissioner under this chapter to operate such branch or branches;

(2)  Subsidiary of an intra-Pacific bank.  Anintra-Pacific bank may establish or acquire, directly or indirectly, the assetsof or control over or merge with a bank that is a Hawaii financial institutionor its holding company if the intra-Pacific bank obtains the prior approval ofthe commissioner and:

(A)  Complies with the requirements of thischapter as to mergers and acquisitions; and

(B)  Obtains a charter under this chapter toengage in business as a bank;

(3)  Subsidiary of an intra-Pacific bank holdingcompany.  An intra-Pacific bank holding company may establish or acquire,directly or indirectly, the assets of or control over or merge with a bank thatis a [Hawaii] financial institution or acquire control over or merge with, itsholding company if the intra-Pacific bank holding company obtains the priorapproval of the commissioner and:

(A)  Complies with the requirements of thischapter as to mergers and acquisitions; and

(B)  Obtains a charter under this chapter toengage in business as a bank. [L 1993, c 350, pt of §1]