[§554G-4]  Permitted trustees.  (a)  A permitted trustee means a person, other than the transferor, who is a resident of this State, or a bank or trust company authorized to do business in this State that possesses and exercises trust powers and has its principal place of business in this State.

     (b)  If a permitted trustee of a trust ceases to meet the requirements of subsection (a) and there remains no trustee that meets the requirements, the permitted trustee shall be deemed to have resigned as of the time that the trustee no longer meets the requirements of subsection (a).  At that time, the successor permitted trustee provided for in the trust instrument shall become the permitted trustee of the trust.  In the absence of any successor permitted trustee provided for in the trust instrument, a trust advisor or protector provided for in the trust instrument shall appoint a successor permitted trustee.  In the absence of an appointed trust advisor or protector, a Hawaii court of competent jurisdiction shall, upon application of any interested party, appoint a successor permitted trustee.

     (c)  A permitted trustee may appoint an investment advisor to manage the assets of the trust fund; provided that administrative and non-administrative fiduciary responsibility shall remain vested, as against beneficiaries of the trust, with the permitted trustee. [L 2010, c 182, pt of §2]