663.301 Definitions.— (1) As used in this part: (a) “International development bank” means a corporation established for the purpose of promoting development in foreign countries by directly or indirectly making funding available to foreign business enterprises or foreign governments or by providing financing in connection with import-export transactions. Subject to the limitations contained in s. 663.313, an international […]
663.302 Applicability of state banking laws.— (1)(a) International development banks shall be subject to the following provisions of chapter 655 as though such international development banks were state banks: 1. Section 655.005, relating to definitions. 2. Section 655.012, relating to general supervisory powers of the office. 3. Section 655.016, relating to liability. 4. Section 655.031, relating to administrative enforcement guidelines. 5. Section […]
663.303 Creation of an international development bank.—When authorized by the office as provided herein, a corporation may be formed under the laws of this state for the purpose of becoming an international development bank and engaging in activities authorized by this part. History.—ss. 1, 5, ch. 86-82; s. 1, ch. 91-307; s. 1, ch. 92-303; s. […]
663.304 Application for authority to organize an international development bank.— (1) A written application for authority to organize an international development bank shall be filed with the office by the proposed incorporator and shall include: (a) The name, residence, and occupation of each incorporator and proposed director. (b) The total initial capital and the number of shares of capital […]
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.—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.— (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.— (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.— (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.—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.— (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 […]
663.312 Changes in capital.— (1) No international development bank shall reduce its outstanding capital stock without first obtaining the approval of the office, and such approval shall be withheld if the reduction would cause the outstanding capital stock to be less than the minimum required pursuant to s. 663.306(2) or if the reduction would cause the international […]
663.313 Ownership of stock.— (1) At least a majority of the shares of stock of an international development bank organized under chapter 617 as a corporation not for profit shall be owned by one or more domestic or foreign not-for-profit entities. (2) Subject to the limitations contained in subsections (1) and (3), shares of stock of an international […]
663.314 Lending limits.— (1) An international development bank shall be subject to the provisions of s. 658.48, relating to loans, in the same manner and to the same extent as a state bank. (2) Notwithstanding the provisions of subsection (1), an international development bank organized under chapter 617 as a corporation not for profit may extend credit to […]
663.315 Investment limits.—An international development bank shall be subject to the provisions of s. 658.67, relating to investments, in the same manner and to the same extent as a state bank. History.—ss. 1, 5, ch. 86-82; s. 1, ch. 91-307; s. 1, ch. 92-303.
663.316 Borrowing; capital accounts.— (1) An international development bank may borrow money and issue evidences of indebtedness in connection therewith. (2) An international development bank shall have capital accounts in an amount equal to not less than 8 percent of its aggregate deposits. However, the commission by rule may increase the required amount of capital accounts to not […]
663.317 Foreign currency lending, borrowing, and deposits.—An international development bank may make loans and other extensions of credit denominated in foreign currencies and may borrow funds and accept deposits denominated in foreign currencies. History.—ss. 1, 5, ch. 86-82; s. 8, ch. 89-110; s. 1, ch. 91-307; s. 1, ch. 92-303.
663.318 Reserve requirements.— (1) An international development bank shall establish and maintain adequate loan loss reserves. (2) An international development bank organized under chapter 617 as a corporation not for profit shall not be required to establish or maintain any reserves with respect to its liabilities. History.—ss. 1, 5, ch. 86-82; s. 9, ch. 89-110; s. 1, ch. […]
