Terms Used In Hawaii Revised Statutes 412:10-101

  • Control: means , unless the context clearly requires otherwise, directly or indirectly, solely or through another person or transaction, or in concert with another:

    (1) Owning or having the power to vote twenty-five per cent or more of any class of voting securities;

    (2) Owning or having the power to exercise twenty-five per cent or more of the votes of a mutual association, credit union, or other entity whose voting rights are not determined by voting securities;

    (3) Owning or having the power to vote ten per cent or more of any class of voting securities if:

    (A) the issuer of that class of securities has issued any class of securities under section 12 of the Securities Exchange Act of 1934, as amended; or

    (B) immediately after the acquisition, no other person will own a greater percentage of that class of voting securities;

    (4) Having the power to elect by any means a majority of the directors; or

    (5) Having the power to exercise a dominant influence over management, if so determined by the commissioner after notice and a hearing. 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
  • Person: means a natural person, entity or organization, including without limitation an individual, corporation, joint venture, partnership, sole proprietorship, association, cooperative, estate, trust, or governmental unit. See Hawaii Revised Statutes 412:1-109

Except as expressly permitted by federal law or this chapter, no person shall engage in the business of a credit union, represent itself as a credit union, use a name or title containing the phrase “credit union” or any derivation thereof, or control any other person engaging in the business of a credit union.