§412:13-227 - Voluntary closure of branch, agency, or representative office; application.
[§412:13-227] Voluntary closure of branch, agency, or representative office; application. (a) No foreign bank that is licensed to establish and maintain a Hawaii state branch, Hawaii state agency, or Hawaii representative office shall close the office without filing an application with, and obtaining the prior approval of, the commissioner. The application filed by a foreign bank under this section shall include the following information:
(1) The reasons for the closure of the office;
(2) The current financial condition of the bank in a form prescribed by the commissioner;
(3) The current business being conducted in the State, and an indication of the assets and liabilities attributable to business conducted in this State;
(4) A list of all creditors of the bank's business in this State, and their outstanding balances; and
(5) Any other information as the commissioner may require.
(b) If the commissioner finds, with respect to an application by a foreign bank under this section, that the closing of the office will not be substantially detrimental to the public convenience and advantage, the commissioner shall approve the application. If the commissioner finds otherwise, the commissioner shall deny the application.
(c) Whenever an application by a foreign bank under this section has been approved and all conditions precedent to the closing have been fulfilled, the foreign bank may close the office and shall promptly thereafter surrender to the commissioner the license which authorized the foreign bank to maintain the office. [L 1996, c 155, pt of §2]