HRS §412:3-601
When a financial institution can merge, sell, or close
This section says a Hawaii financial institution or its holding company can only merge, sell its assets, take on another company's debts, stop business, or dissolve if it follows the rules in this part. The state's financial commissioner has special powers that can change these rules.
businessesfinancial institutions
The statute, as written — No conversions, mergers, consolidations, acquisitions, assumptions, voluntary cessations of business, or voluntary dissolutions except pursuant to this part
Except as modified by the commissioner's powers under parts III, IV, and V of article 2, no Hawaii financial institution or financial institution holding company may acquire all or substantially all of the assets or assume any of the liabilities of another company, undergo a conversion, merger, or consolidation, sell all or substantially all of its assets, be subject to any assumption of any of its liabilities or to an acquisition of control, cease business, or dissolve except in accordance with this part.
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