HRS §412:3-604
How shareholders or members must vote on major deals
This section sets the voting rules for a financial institution's shareholders or members when they must approve a major transaction. For stock institutions, two-thirds of each voting class must approve, unless the articles require more. For credit unions, a majority of members present at a meeting must approve. These rules override other general voting rules.
financial institutions
The statute, as written — Shareholder or member vote
(a) For any transaction covered by this part that requires approval of the shareholders or members of the financial institution, the voting requirements shall be: (1) If a Hawaii financial institution is a stock institution, the holders of two-thirds of each class of the issued and outstanding capital stock of the financial institution entitled to vote, or such greater majority as may be provided by the articles of incorporation of the Hawaii financial institution, shall be required to approve any action under this part; or (2) If a Hawaii financial institution is a credit union, a majority of members present in person at any meeting shall be required to approve any action under this part. (b) This section shall control over the required percentages for any shareholder vote contained in section 414-313 on approval by shareholders of a merger or consolidation, section 414-332 on approval by shareholders on the sale of assets not in the usual and regular course of business, and section 414-382 on approval by shareholders on the voluntary dissolution of a corporation.
Sections this one refers to
§414-313 How shareholders approve a merger or share exchange
§414-332 When a corporation can sell or give away most of its property
§414-382 How a corporation can be dissolved by its board and shareholders
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