§412:5-402  Procedure to obtain approval.  (a) 
In order to obtain prior approval of the commissioner, the applicant shall file
the application required by and comply with the provisions of article 3.  The
application shall contain the following information:



(1)  The applicant's articles of incorporation and
bylaws, or other basic governing documents;



(2)  A certificate from the appropriate regulatory
body where its home office is located, indicating that the applicant is in good
standing in that jurisdiction; and



(3)  Any other information required by the
commissioner.



(b)  In approving any transaction under this
part, the commissioner shall consider in addition to the grounds for approval
contained in article 3, the following:



(1)  The laws of the reciprocal region 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; and



(2)  The applicant's controlling persons are of good
moral character and sound financial standing, its management is competent and
sufficiently experienced, it is likely to comply with all applicable laws, and
its establishment will serve the public convenience and advantage.



(c)  Where an intra-Pacific bank branch is
being established, the minimum number and qualifications of persons serving on
the board of directors of an intra-Pacific bank shall be established by the
applicable law of its home office. [L 1993, c 350, pt of §1; am L 2006, c 228,
§33]