§412:3-604 Shareholder or member vote. (a) For any transaction covered by this part that requires approval of the shareholders or members of the financial institution, the voting requirements shall be:
(1) If a Hawaii financial institution is a stock institution, the holders of two-thirds of each class of the issued and outstanding capital stock of the financial institution entitled to vote, or such greater majority as may be provided by the articles of incorporation of the Hawaii financial institution, shall be required to approve any action under this part; or
(2) If a Hawaii financial institution is a credit union, a majority of members present in person at any meeting shall be required to approve any action under this part.
(b) This section shall control over the required percentages for any shareholder vote contained in section 414-313 on approval by shareholders of a merger or consolidation, section 414-332 on approval by shareholders on the sale of assets not in the usual and regular course of business, and section 414-382 on approval by shareholders on the voluntary dissolution of a corporation. [L 1993, c 350, pt of §1; am L 1994, c 107, §13; am L 2002, c 40, §20; am L 2006, c 228, §24]
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