§412:2-408  Duties and powers of conservator.  (a)  A conservator of a Hawaii financial institution shall observe the provisions of this part except to the extent preempted by applicable federal law.

     (b)  Upon assuming office, the conservator may:

     (1)  Immediately take possession of the assets of the Hawaii financial institution and operate the institution with all the rights and powers of the shareholders or members, directors, and officers with the authority to conduct all business of the Hawaii financial institution;

     (2)  Collect all obligations and money due the Hawaii financial institution;

     (3)  Preserve and conserve the assets and property of the Hawaii financial institution;

     (4)  Set aside and make available for withdrawal by depositors and payment to other creditors on a ratable basis such amounts as in the opinion of the commissioner may safely be used for this purpose; and

     (5)  Take such action as may be necessary to carry out the purposes of the conservatorship, consistent with the conservator's appointment order, and as may be required by law, the commissioner or any court having jurisdiction over the matter.  Provided, however, that the conservator shall at all times be subject to the direction and supervision of the commissioner. [L 1993, c 350, pt of §1]