§412:2-410 Supervised reorganization. (a) The commissioner and, with the commissioner's written approval, any conservator appointed pursuant to this part, may reorganize a Hawaii financial institution in conservatorship, provided that:
(b) If the foregoing requirements have been met, the commissioner shall issue a certificate to the Hawaii financial institution indicating that the reorganization plan, a copy of which shall be attached to the certificate, has been properly approved, and setting forth any conditions that the commissioner deems appropriate, as well as the effective date of the reorganization.
(c) Once any reorganization has become effective as provided herein, it shall be binding upon all depositors, creditors, and shareholders or members of the Hawaii financial institution, whether or not they have consented to the plan of reorganization, and all claims of such persons shall be treated as if they had consented to the plan of reorganization.
(d) When the reorganization becomes effective, all books, records, and assets of the Hawaii financial institution shall be disposed of in accordance with the plan and the affairs of the financial institution shall be conducted by its board of directors in the manner provided by the plan and under any conditions, restrictions, and limitations prescribed by the commissioner. [L 1993, c 350, pt of §1]