412:2-412 Duties and powers of receiver. (a) A receiver 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 receiver may:

(1) Immediately take possession of the assets of the Hawaii financial 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; and

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


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