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Florida Statutes Title XXXVIII. Banks and Banking § 663.306. Decision by office

Current as of January 01, 2025 | Updated by Findlaw Staff

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 stock be:

(a) Less than $400,000 in the case of an international development bank organized under chapter 617 as a corporation not for profit; or

(b) The amount required for a state bank in the case of an international development bank organized under part I of chapter 607 as a corporation for profit.

The office may disallow any illegally obtained currency, monetary instruments, funds, or other financial resources from the capitalization requirements of this section.

(3) The proposed officers and directors have sufficient experience, ability, standing, and reputation to indicate reasonable promise of successful operation and none of the proposed officers or directors have been convicted of, or pled guilty or nolo contendere to, a violation of s. 655.50, relating to the control of money laundering and terrorist financing; chapter 896, relating to offenses related to financial transactions; or similar state or federal law.

(4) Provision has been made for suitable quarters at the location designated in the application.

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Cite this article: FindLaw.com - Florida Statutes Title XXXVIII. Banks and Banking § 663.306. Decision by office - last updated January 01, 2025 | https://codes.findlaw.com/fl/title-xxxviii-banks-and-banking/fl-st-sect-663-306/

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