Every international banking corporation shall at all times have paid-in capital and surplus in such amounts as shall be established for all international banking corporations by rule by the commissioner; provided, that:

(1) Paid-in capital shall at no time be less than $750,000, except that upon receiving its approval the international banking corporation need have only twenty-five per cent of the required capital paid-in, and the remainder may be paid up in installments of at least ten per cent of total required capital every two months thereafter; and
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Terms Used In Hawaii Revised Statutes 412:5A-203

  • 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

  • Commissioner: means the commissioner of financial institutions of this State. See Hawaii Revised Statutes 412:1-109
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • international banking corporation: means a corporation which has authority to operate as an international banking corporation under this part and has been required to use the term "international banking corporation" or such other term approved by the commissioner and containing the word "international" "foreign" "overseas" or some similar word as part of its name. See Hawaii Revised Statutes 412:5A-200
  • Paid-in capital: means the amount of capital actually received by the financial institution for its capital stock, membership shares or share accounts, as the case may be. See Hawaii Revised Statutes 412:1-109
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • surplus: includes retained earnings, whether or not transferred or allocated to surplus. See Hawaii Revised Statutes 412:1-109
(2) The minimum required surplus shall be twenty per cent of capital and need not be paid in or accumulated unless and until the international banking corporation has declared a dividend, whereupon at least ten per cent of its net profits shall be paid to surplus until the required minimum surplus has been fully paid up.

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