412:2-314 Action to correct capital and surplus impairment. (a) Whenever it appears to the commissioner that the capital and surplus of a Hawaii financial institution is impaired, the commissioner shall notify the financial institution in writing to correct the impairment within a reasonable time specified by the commissioner, which time may be extended by the commissioner.

(b) If the Hawaii financial institution fails to correct the impairment of its capital and surplus as required, the commissioner may immediately appoint a conservator, or may close the financial institution, appoint a receiver to take possession of its assets, and proceed with the liquidation of its assets. A financial institution placed in conservatorship pursuant to this subsection may, with the consent of the commissioner, later resume business upon the conditions as the commissioner may approve. [L 1993, c 350, pt of 1; am L 1994, c 107, 3]


Rules of Court


Receivers, see HRCP rule 66.


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