412:2-506 Charter or license. In any acquisition pursuant to this part, a charter or license shall be required for:

(1) Any Hawaii financial institution resulting from a consolidation of an acquirer with a failing financial institution; and

(2) Any new corporation (except a federal financial institution) formed to merge with or acquire the assets of a failing financial institution pursuant to this chapter, whether or not a provisional approval to organize has been issued to such corporation. [L 1993, c 350, pt of 1]


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