663.4001 – Purpose.
663.4001 Purpose.—The purpose of this part is to establish a legal and regulatory framework for the conduct by international trust entities of financial services business in this state. This part is intended to: (1) Support the Florida operations of international trust entities and promote the growth of international financial services to benefit the economy and consumers in […]
663.415 – Travel expenses.
663.415 Travel expenses.—If domestic or foreign travel is deemed necessary by the office to effectuate the purposes of this part, the office must be reimbursed for actual, reasonable, and necessary expenses incurred in such domestic or foreign travel by the international trust company representative office under examination. History.—s. 37, ch. 2017-83.
663.401 – Definitions.
663.401 Definitions.— (1) “Affiliate” means a person or business or a group of persons or businesses acting in concert which controls, is controlled by, or is under common control of an international trust entity. (2) “International trust company representative office” means an office of an international trust entity which is established or maintained in this state for the […]
663.305 – Investigation by the office.
663.305 Investigation by the office.—Upon the filing of an application, the office shall make an investigation of such matters as it may deem appropriate, including the character, reputation, financial standing, business experience, and business qualifications of the proposed officers and directors. History.—ss. 1, 5, ch. 86-82; s. 1, ch. 91-307; s. 1, ch. 92-303; s. 1848, […]
663.306 – Decision by office.
663.306 Decision by office.—The office may, in its discretion, approve or disapprove the application, but it shall not approve the application unless it finds that: (1) International business in this state will be promoted by the establishment of the proposed international development bank. (2) The proposed capital structure is adequate, but in no case may the paid-in capital […]
663.307 – Name.
663.307 Name.— (1) The name of every international development bank shall include the words “Development Bank.” The use of the words “National,” “Federal,” “United States,” “Insured,” or “Guaranteed,” separately or in any combination thereof with other words or syllables, is prohibited as part of the corporate name of an international development bank unless authorized by federal law. […]
663.308 – Place of transacting business; branches.
663.308 Place of transacting business; branches.— (1) An international development bank operating pursuant to this part shall have one principal place of doing business. (2) An international development bank may establish branches in foreign countries with the approval of the appropriate governmental authorities in such foreign countries. An international development bank shall give the office written notice of […]
663.309 – Permissible activities; prohibited activities.
663.309 Permissible activities; prohibited activities.— (1) An international development bank shall have the authority: (a) To make loans or otherwise extend credit to foreign business enterprises and foreign governments and to issue and confirm letters of credit, create bankers acceptances, and provide guarantees for the purpose of providing financing to foreign business enterprises and foreign governments; (b) To provide […]
663.310 – Directors.
663.310 Directors.—The board of directors of an international development bank shall consist of not less than five directors who are elected, unless appointed to fill a vacancy, at the annual meeting of shareholders or at a special meeting. However, if so authorized by the articles of incorporation, a majority of the full board of directors may, […]
663.311 – Shares of stock.
663.311 Shares of stock.— (1) An international development bank shall issue capital stock with par value of not more than $1 per share. (2) No international development bank shall issue any shares of capital stock before they are fully paid. (3) With the approval of the office, an international development bank may issue less than all of the number […]