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

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

(2)  A certificate from the appropriate regulatorybody where its home office is located, indicating that the applicant is in goodstanding in that jurisdiction; and

(3)  Any other information required by thecommissioner.

(b)  In approving any transaction under thispart, the commissioner shall consider in addition to the grounds for approvalcontained in article 3, the following:

(1)  The laws of the reciprocal region allow a bankthat is a Hawaii financial institution or its holding company to establish andoperate a branch or acquire the assets or control of or merge with a bank orbank holding company in that territory or country, under terms and conditionswhich are substantially comparable to or less restrictive than the laws of thisState concerning the commencement of operations, acquisitions, change ofcontrol and mergers of banks and bank holding companies; and

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

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