2013 Hawaii Revised Statutes
TITLE 22. BANKS AND FINANCIAL INSTITUTIONS
412. Code of Financial Institutions
412:3-211 Time limit to complete organization.
§412:3-211 Time limit to complete organization. (a) A proposed Hawaii financial institution shall obtain its required capital and surplus, complete its organization, and obtain a charter or license from the commissioner within one year from the date of issuance of the decision and order granting the application for preliminary approval to organize; provided that for good cause shown by the applicant in organization, the commissioner may by written order extend the deadline for a period not to exceed six months.
(b) If the applicant in organization fails to meet the deadline set forth in subsection (a), the commissioner shall order the applicant in organization to dissolve the proposed Hawaii financial institution. [L 1993, c 350, pt of §1; am L 2006, c 228, §20]
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