§412:3-208 Approval of articles and bylaws. (a) Within sixty days after receiving preliminary approval to organize, the applicant in organization shall file with the commissioner the proposed articles of incorporation and bylaws of the Hawaii financial institution. Within sixty days thereafter, the commissioner shall deny, approve or issue a statement of no objection to the articles and bylaws.

(b) The articles of incorporation shall comply in all respects with chapter 414.

(c) If there has been no disapproval by the commissioner, the articles of incorporation may be delivered by the applicant in organization to the director of commerce and consumer affairs for filing, and if accepted for filing, the financial institution shall have corporate existence.

(d) Although the proposed financial institution may have corporate existence, it may not transact any financial institution business until it has received a financial institution charter or license under this article; provided that the financial institution may conduct any transaction that is incidental and necessary to prepare to do a financial institution business and obtain a charter or license. [L 1993, c 350, pt of §1; am L 2002, c 40, §15]