HRS §412:3-104
Board size and Hawaii residency rules
This section sets rules for the board of directors of most Hawaii financial institutions. The board must have at least five directors, and a certain number must live in Hawaii. If a required resident director leaves, a new one must be chosen quickly.
financial institutions
The statute, as written — Qualifications of directors
Except for nondepository financial services loan companies, the board of directors of every Hawaii financial institution shall at all times consist of at least five directors, of whom at least three shall be residents of this State at the time of their election and while holding office. If any resident director ceases to be a resident of this State or ceases to be a director, and such circumstance causes the number of resident directors on the board to be fewer than three, another resident director shall be immediately elected or appointed in accordance with the institution's bylaws. Except for nondepository financial services loan companies, the board of directors of any financial institution, which is a wholly-owned subsidiary of a holding company incorporated in another state shall at all times consist of at least five directors, of whom at least one shall be a resident of this State at the time of election and while on the board.
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.