§412:2-502 - Solicitation of purchasers. - Hawaii Statutes

     §412:2-502  Solicitation of purchasers.  If the court sustains the commissioner's determination that the financial institution is a failing financial institution, or if the institution has not contested the determination and the time for petitioning the court has passed, the commissioner may solicit applications to merge with the failing financial institution or with its holding company, or to purchase all or part of the assets or assume all or part of the liabilities of the failing financial institution, or to purchase the capital stock of the failing financial institution or its holding company.  The solicitation may be by private letter, by personal contact, or by publication, as in the commissioner's discretion may be appropriate in order to obtain as many fair offers as possible with the least danger to the safety of the failing financial institution, its depositors and creditors, and the general public.  The commissioner may disclose information concerning the failing financial institution as shall be necessary for the prospective applicants to formulate a proposal to purchase; provided that the recipients of the information shall be required to keep the information confidential. [L 1993, c 350, pt of §1; am L 1994, c 107, §4]