Hawaii Revised Statutes 412:2-405 – Removal or replacement of conservator or receiver
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Terms Used In Hawaii Revised Statutes 412:2-405
- Commissioner: means the commissioner of financial institutions of this State. See Hawaii Revised Statutes 412:1-109
- Conservator: means a person appointed by the commissioner to take possession and control of a Hawaii financial institution for a temporary period in order to preserve and protect the assets of the institution for the benefit of its depositors, beneficiaries, creditors, and shareholders or members. See Hawaii Revised Statutes 412:1-109
- Federal: means belonging to, part of, or related to the government of the United States of America. See Hawaii Revised Statutes 412:1-109
- Financial institution: means a Hawaii financial institution, and unless the context indicates otherwise, a federal financial institution or foreign financial institution. See Hawaii Revised Statutes 412:1-109
- Receiver: means a person appointed by the commissioner to take possession and control of a Hawaii financial institution for the purpose of liquidating and winding up the affairs of the institution. See Hawaii Revised Statutes 412:1-109
The commissioner may remove or replace a conservator or receiver other than a federal insurer effective upon notice thereof, and with or without cause. Such removal or replacement shall not subject either the commissioner or the court to any liability to the conservator or receiver. Such removal or replacement shall not affect the financial institution‘s right to obtain judicial review of the commissioner’s original decision to appoint a conservator or receiver under section 412:2-401.