Appointing a conservator or receiver; court review

(a) The commissioner may, without notice or prior hearing, appoint a conservator or receiver for a Hawaii financial institution by a written order setting forth the grounds for such appointment and any other conditions of the conservatorship or receivership as the commissioner deems appropriate, including without limitation the temporary or permanent closure of the financial institution. The commissioner may also require the conservator or receiver other than a federal insurer to obtain a security bond, at the expense of the financial institution, in an amount that the commissioner deems appropriate. (b) Upon being served with any written order pursuant to subsection (a), the persons in charge of the Hawaii financial institution shall forthwith turn over possession and control of the institution to the conservator or receiver, and upon request by the conservator or receiver shall vacate the premises. The conservator or receiver may apply to the circuit court for injunctive or other relief to enforce the conservatorship or receivership. (c) Not later than twenty days after the initial appointment of the conservator or receiver, the persons who were in charge of the affected Hawaii financial institution immediately prior to the appointment of a conservator or receiver may bring an action in the circuit court for an order requiring the commissioner to terminate the conservatorship or receivership. (d) All judicial proceedings under this section shall be closed to the public and shall take precedence over all other pending cases before the court and shall in every other way be expedited. The commissioner's decision to appoint a conservator or receiver shall be set aside only if the court finds that such decision was arbitrary, capricious, an abuse of discretion, or otherwise not in accordance with law.