§412:7-402
No further mutual savings and loan associations; applicability of chapter. From and after July 1, 1993, new mutual savings and loan associations may no longer be established, and once an existing mutual savings and loan association ceases to operate as such, it may not thereafter operate as a mutual savings and loan association. The exceptions to this prohibition are:(1) A mutual savings and loan association created by the commissioner as part of a supervisory transaction; or
(2) A mutual savings and loan association which was prior to its formation a mutual holding company owning not less than fifty per cent of a Hawaii stock savings and loan association or savings bank. [L 1993, c 350, pt of §1]