HRS §412:2-402
Other reasons a financial institution can be taken over
Read the official text at capitol.hawaii.gov ↗This section lets the state banking commissioner take over a Hawaii financial institution in two extra situations: if the institution agrees by a majority vote of its board or owners, or if its federal deposit insurance is involuntarily ended. The takeover cannot be challenged in court.
financial institutions
The statute, as written — Additional grounds for appointment
A copy, taken August 20, 2026. The version published by the Legislature is the one that governs, and it may have changed since. Check it before relying on anything here.
The commissioner may also appoint a conservator or receiver to take over the possession and control of any Hawaii financial institution: (1) Which consents to such appointment by an affirmative vote of a majority of its board of directors, or by a majority vote of its shareholders or members; or (2) Whose status as an insured institution has been involuntarily terminated by the federal insurer of its deposits or accounts. An appointment pursuant to this section shall not be subject to judicial review.
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.