§412:3-104 Qualifications of directors. Except for nondepository financial services loan companies, the board of directors of every Hawaii financial institution shall at all times consist of at least five directors, of whom at least three shall be residents of this State at the time of their election and while holding office. If any resident director ceases to be a resident of this State or ceases to be a director, and such circumstance causes the number of resident directors on the board to be fewer than three, another resident director shall be immediately elected or appointed in accordance with the institution's bylaws. Except for nondepository financial services loan companies, the board of directors of any financial institution, which is a wholly-owned subsidiary of a holding company incorporated in another state shall at all times consist of at least five directors, of whom at least one shall be a resident of this State at the time of election and while on the board. [L 1993, c 350, pt of §1; am L 1996, c 63, §2]
Section: Previous 412-2-609.5 412-2-610 412-2-611 412-3-100 412-3-101 412-3-102 412-3-103 412-3-104 412-3-105 412-3-106 412-3-107 412-3-108 412-3-109 412-3-110 412-3-111 NextLast modified: October 27, 2016