HRS §412:5-202
Banks can join federal reserve and home loan banks
This section lets any bank in Hawaii join a federal reserve bank or a federal home loan bank, and buy and hold shares in those federal banks. Even if a bank joins, it and its leaders still must follow all Hawaii state laws and duties.
The statute, as written — Membership in federal banks
Any bank may become a member of a federal reserve bank organized under authority of the Federal Reserve Act or of a federal home loan bank organized under the Federal Home Loan Bank Act, or any successor or similar system of federal banks established by Congress, and may purchase and hold the shares of such federal bank. The bank may have and exercise all powers not in conflict with the laws of this State incident to such membership; provided, however that notwithstanding such membership the bank and its directors, officers, and shareholders shall continue to be subject to all liabilities and duties imposed upon them by any law of this State.
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