§412:3-612 Acquisition of control of financial institution or financial institution holding company. (a) Unless the commissioner shall have given prior approval or shall have waived the requirement for approval pursuant to subsection (g):
(b) Notwithstanding subsection (a), this section shall not apply to any acquisition of control of a Hawaii financial institution or financial institution holding company:
(c) Unless the requirement for an application is waived by the commissioner, the proposed acquirer shall file an application with the commissioner pursuant to section 412:3-603 for approval to acquire control of the Hawaii financial institution or financial institution holding company. The application shall contain:
(d) After receiving the proposed acquirer's application for approval and any amendments or supplements thereto, the commissioner shall promptly forward a copy of the same to the affected financial institution. The affected institution shall have ten days after receipt of the application and any amendments or supplements thereto within which to submit any relevant information to the commissioner regarding the proposed acquisition, and shall be entitled to appear and be heard at any informational and comment proceeding on the application.
(e) Approval may be denied by the commissioner for the proposed acquisition of control if it appears that:
(f) As a condition for approving the proposed acquisition of control, the commissioner shall impose a reasonable time period, not to exceed one year, within which the acquisition of control must occur.
(g) The commissioner may waive the requirement for approval of an acquisition of control 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 change of control 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, §30]