Haw. Rev. Stat. § 412:2-402

Current through the 2024 Legislative Session

Section 412:2-402 - Additional grounds for appointment

The commissioner may also appoint a conservator or receiver to take over the possession and control of any Hawaii financial institution:

(1) Which consents to such appointment by an affirmative vote of a majority of its board of directors, or by a majority vote of its shareholders or members; or

(2) Whose status as an insured institution has been involuntarily terminated by the federal insurer of its deposits or accounts.

An appointment pursuant to this section shall not be subject to judicial review.

HRS § 412:2-402

L 1993, c 350, pt of §1