(a) No foreign bank that is licensed to establish and maintain a Hawaii state branch, Hawaii state agency, or Hawaii representative office shall relocate any Hawaii office without the commissioner‘s prior written approval; provided that approval shall not be required if:

Terms Used In Hawaii Revised Statutes 412:13-222

  • Agency: when used in reference to an office of a foreign bank, shall have the same meaning as is set forth in section 1(b)(1) of the federal International Banking Act (12 U. See Hawaii Revised Statutes 412:13-102
  • Bank: means any bank as defined in: section 2(c) of the Bank Holding Company Act (12 U. See Hawaii Revised Statutes 412:13-102
  • Branch: when used in reference to an office of a foreign bank, has the same meaning as is set forth in section 1(b)(3) of the federal International Banking Act (12 U. See Hawaii Revised Statutes 412:13-102
  • Commissioner: means the commissioner of financial institutions of this State. See Hawaii Revised Statutes 412:1-109
  • Director: means any member of the board of directors of a financial institution, whether or not receiving compensation. See Hawaii Revised Statutes 412:1-109
  • Foreign bank: means any company organized under the laws of a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands, that engages directly in the business of banking. See Hawaii Revised Statutes 412:13-102
  • Hawaii representative office: means a representative office that is located in this State. See Hawaii Revised Statutes 412:13-102
  • Principal shareholder: means a person other than a financial institution, that, directly or indirectly, or acting through or in concert with another, owns, controls, or has the power to vote more than ten per cent of any class of voting securities of a financial institution. See Hawaii Revised Statutes 412:1-109
  • Related interest: means

    (1) a company that is controlled by a person or

    (2) a political or campaign committee that is controlled by a person or the funds or services of which will benefit a person. See Hawaii Revised Statutes 412:1-109

(1) The relocation will be less than one mile from the foreign bank‘s present place of business;
(2) The foreign bank gives the commissioner written notice at least twenty days prior to the move;
(3) The type of business carried on at the new place of business will be the same as at the present place of business; and
(4) There will be no financial involvement in the relocation by a director, executive officer, or principal shareholder, or a related interest of any of these persons.
(b) The foreign bank shall file an application with the commissioner. The application shall be in a form and contain any information as the commissioner shall require.
(c) If after appropriate examination and investigation, the commissioner is satisfied that the proposed relocation is justified and proper, the commissioner shall approve the application in writing, with any conditions that the commissioner deems appropriate.

  Previous
Next  
 Part II Contents