§412:3-611 Merger or consolidation of financial institution holding companies. (a) Unless the commissioner shall have given prior approval or shall have waived the requirement for approval pursuant to subsection (e), no financial institution holding company shall merge or consolidate with any other corporation if the effect of the merger or consolidation shall be to change the direct or indirect control of any Hawaii financial institution.
(b) The merger or consolidation shall be effected pursuant to the procedures, conditions and requirements for, and with the effect of, the merger or consolidation of corporations under the applicable laws of the state or states involved.
(c) Unless the requirement for an application is waived by the commissioner, the participating institutions shall file an application with the commissioner pursuant to section 412:3-603 for approval of the proposed merger or consolidation. The application shall be accompanied by:
(d) The commissioner shall approve the merger or consolidation if it appears that:
(e) The commissioner may waive the requirement for approval of a merger or consolidation of a financial institution holding company which indirectly controls a nondepository financial services loan company, provided that publication in a form approved by the commissioner is made. The publication shall state the fact that a merger or consolidation will take place and shall describe the effect, if any, on the operations and employees of the nondepository financial services loan company. Publication shall be made once in a newspaper of general circulation. [L 1993, c 350, pt of §1; am L 2006, c 228, §29]