§412:5-401  Required approval.  No
intra-Pacific bank or intra-Pacific bank holding company may engage in business
in this State, except in one of the following three forms:



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



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



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



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



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



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



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