§412:5-402 Procedure to obtain approval. (a) In order to obtain prior approval of the commissioner, the applicant shall file the application required by and comply with the provisions of article 3. The application shall be accompanied by the application fee assessed pursuant to section 412:2-105.2. The application shall contain the following information:

(1) The applicant's articles of incorporation and bylaws, or other basic governing documents;

(2) A certificate from the appropriate regulatory body where its home office is located, indicating that the applicant is in good standing in that jurisdiction; and

(3) Any other information required by the commissioner.

(b) In approving any transaction under this part, the commissioner shall consider in addition to the grounds for approval contained in article 3, the following:

(1) The laws of the reciprocal region allow a bank that is a Hawaii financial institution or its holding company to establish and operate a branch or acquire the assets or control of or merge with a bank or bank holding company in that territory or country, under terms and conditions which are substantially comparable to or less restrictive than the laws of this State concerning the commencement of operations, acquisitions, change of control and mergers of banks and bank holding companies; and

(2) The applicant's controlling persons are of good moral character and sound financial standing, its management is competent and sufficiently experienced, it is likely to comply with all applicable laws, and its establishment will serve the public convenience and advantage.

(c) Where an intra-Pacific bank branch is being established, the minimum number and qualifications of persons serving on the board of directors of an intra-Pacific bank shall be established by the applicable law of its home office. [L 1993, c 350, pt of §1; am L 2006, c 228, §33; am L 2013, c 172, §23]