(a) The commissioner may issue an order revoking a license of a foreign bank to establish and maintain a Hawaii representative office if the commissioner finds that:
Terms Used In Hawaii Revised Statutes 412:13-228
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
Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
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
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
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
Insolvency: means , with respect to a financial institution, that the value of its assets is insufficient to pay its depositors and its creditors. See Hawaii Revised Statutes 412:1-109
Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
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
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
(1) The foreign bank has violated any provision of this article or any other law or rule of this State; or(2) Any fact or condition exists which, if it had existed at the time of the foreign bank’s original application for the license, would have resulted in the commissioner’s refusing to issue the license to the foreign bank.(b) The commissioner may issue an order suspending or revoking a license of a foreign bank to establish and maintain a Hawaii state branch or Hawaii state agency if the commissioner finds that:
(1) The foreign bank has violated any provision of this article, or any rule or order issued under this article, or any provision of any other applicable law, rule, or order;(2) The foreign bank is transacting activities in this State in an unsafe or unsound manner or, in any case, is transacting activities elsewhere in an unsafe or unsound manner;(3) The foreign bank, or any one or more of its Hawaii state branches or Hawaii state agencies, is in an unsafe or unsound condition;(4) The foreign bank has ceased to operate any of its offices in this State without the prior approval of the commissioner in accordance with this article;(5) The foreign bank is insolvent in that it has ceased to pay its debts in the ordinary course of business, it cannot pay its debts as they become due, or its liabilities exceed its assets;(6) The foreign bank has suspended payment of its obligations, has made an assignment for the benefit of its creditors, or has admitted in writing its inability to pay its debts as they become due;(7) The foreign bank has applied for an adjudication of bankruptcy, reorganization, arrangement, or other relief under any foreign or domestic bankruptcy, reorganization, insolvency, or moratorium law, or that any person has applied for any relief under law against the foreign bank and the foreign bank has by any affirmative act, approved of or consented to an action or relief has been granted;(8) A receiver, liquidator, or conservator has been appointed for the foreign bank or that any proceeding for an appointment of a receiver, liquidator, or conservator, or any similar proceeding has been initiated in the country of the foreign bank’s organization;(9) The existence of the foreign bank or the authority of the foreign bank to transact banking business under the laws of the country of the foreign bank’s organization has been suspended or terminated; and(10) Any fact or condition exists which, if it had existed at the time when the foreign bank applied for its license to transact business in this State, would have been grounds for denying its application.(c) In issuing a revocation order under subsection (a) or a suspension or revocation order under subsection (b), the commissioner may revoke or suspend a license, and shall follow the procedures regarding notice, hearing, appeal, and enforcement of the order as provided in sections 412:2-311 and 412:2-312.(d) A foreign bank may waive its right to a hearing on any notice of charges by stipulating and consenting to the issuance of an order suspending or revoking a license. Any final suspension or revocation order issued by consent shall be effective as of the date specified therein and shall remain effective until modified or terminated by the commissioner.
