Duties and powers of conservator
HRS §412:2-408
in effect412:2-408. 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]
Source: Hawaii State Legislature (capitol.hawaii.gov), via Internet Archive capturesURL: https://www.capitol.hawaii.gov/hrscurrent/Vol08_Ch0401-0429/HRS0412/HRS_0412-0002-0408.htmFetched: 11/10/2026