Hawaii Revised Statutes 412:2-500 – Definitions
Terms Used In Hawaii Revised Statutes 412:2-500
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Capital: means :
(1) The aggregate par value or other amount received and allocated to the issued and outstanding capital stock of a financial institution; or
(2) The total amount of a credit union's outstanding and unimpaired membership shares or share accounts. See Hawaii Revised Statutes 412:1-109
- Federal: means belonging to, part of, or related to the government of the United States of America. See Hawaii Revised Statutes 412:1-109
- Financial institution: means a Hawaii financial institution, and unless the context indicates otherwise, a federal financial institution or foreign financial institution. See Hawaii Revised Statutes 412:1-109
- Insolvency: means , with respect to a financial institution, that the value of its assets is insufficient to pay its depositors and its creditors. See Hawaii Revised Statutes 412:1-109
- surplus: includes retained earnings, whether or not transferred or allocated to surplus. See Hawaii Revised Statutes 412:1-109
- this State: means the State of Hawaii, its political subdivisions, agencies, and departments. See Hawaii Revised Statutes 412:1-109
As used in this part:
“Failing financial institution” means a Hawaii financial institution or a federal financial institution whose operations are principally conducted in this State, and which:
(1) Is insolvent or has failed to make good an impairment of its capital and surplus as provided in § 412:2-314;
(2) Has incurred or is likely to incur losses that will deplete all or substantially all of its capital and surplus, and there is no reasonable prospect for such capital and surplus to be replenished without federal assistance; or
(3) Has violated or is violating laws, rules or regulations, or has committed or is committing an unsafe or unsound practice, and such violation or practice is likely to cause insolvency or a substantial dissipation of assets or is likely to severely weaken the institution’s condition or otherwise seriously prejudice the interests of its depositors.