(a) No bank may establish a corporation to engage in foreign or international banking and other foreign or international financial activities unless it has filed an application with the commissioner and received approval and authority to establish an international banking corporation and to exercise the powers set forth in this part.

Terms Used In Hawaii Revised Statutes 412:5A-201

  • Commissioner: means the commissioner of financial institutions of this State. See Hawaii Revised Statutes 412:1-109
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • international banking corporation: means a corporation which has authority to operate as an international banking corporation under this part and has been required to use the term "international banking corporation" or such other term approved by the commissioner and containing the word "international" "foreign" "overseas" or some similar word as part of its name. See Hawaii Revised Statutes 412:5A-200
(b) The application shall be on a form prescribed by the commissioner and shall contain any information that the commissioner may require.
(c) In granting authority to a bank to establish an international banking corporation, the commissioner may impose such conditions that are in the public interest, including but not limited to the filing of periodic reports or notices.

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