HRS §412:5-404
When an intra-Pacific bank loses its special status
If an intra-Pacific bank no longer qualifies as one, its permission to do banking in Hawaii ends automatically. It must tell the state banking official, stop taking deposits and making loans or investments here, and submit a plan to close down or sell off within thirty days. It must also follow any other orders from the official.
financial institutions
The statute, as written — Termination of authority of intra-Pacific bank
The authority of any intra-Pacific bank to engage in the business of a bank in this State pursuant to this part shall automatically terminate at such time as it no longer meets the definition of an intra-Pacific bank under section 412:5-400. In such case it shall: (1) Immediately notify the commissioner of that circumstance; (2) Cease accepting deposits in this State, and cease making loans and investments in this State; (3) Within thirty days, adopt a plan for the orderly liquidation of its assets, or its orderly divestiture pursuant to this chapter, and submit such plan to the commissioner; and (4) Take such other measures and actions as shall be directed by the commissioner.
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