HRS §412:3-211
Deadline to finish setting up a financial institution
A proposed Hawaii financial institution must get its required money, finish organizing, and get a charter or license within one year of getting preliminary approval. The commissioner can extend this by up to six months for good reason. If the deadline is missed, the commissioner will order the institution to dissolve.
financial institutions
The statute, as written — Time limit to complete organization
(a) A proposed Hawaii financial institution shall obtain its required capital and surplus, complete its organization, and obtain a charter or license from the commissioner within one year from the date of issuance of the decision and order granting the application for preliminary approval to organize; provided that for good cause shown by the applicant in organization, the commissioner may by written order extend the deadline for a period not to exceed six months. (b) If the applicant in organization fails to meet the deadline set forth in subsection (a), the commissioner shall order the applicant in organization to dissolve the proposed Hawaii financial institution.
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