§412:5-404 - Termination of authority of intra-Pacific bank. - Hawaii Statutes

     §412:5-404  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. [L 1993, c 350, pt of §1]