Florida Regulations 69U-140.005: Surrender of License
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(1) An international banking corporation proposing to terminate the operation of its international branch, international administrative office, international representative office, or international bank agency by closure or by nonrenewal of the international branch, international administrative office, international representative office, or international bank agency license shall surrender such license in the manner prescribed by this rule.
(2) An international banking corporation shall provide to OFR written notice of its intention to terminate the operation of its licensed office at least sixty (60) days prior to the proposed date of termination. The notice shall state that the proposed termination has been approved by the board of directors of the international banking corporation, or a committee or executive officer duly authorized by such board of directors, and shall include the proposed date of termination and the name of the officer in charge of the termination procedures, which officer may be the general manager or any other officer of the agency.
(3) The international banking corporation shall provide to the depositors and other creditors of its licensed office a written notice of termination in a newspaper of general circulation in the county in which its agency is located for a period of two months, running on a weekly basis, prior to the proposed date of termination and shall provide OFR with an affidavit of publication showing that the requirement of publication has been satisfied. The international banking corporation shall, in addition, send a notice directly to the customers of the international branch, international administrative office, international representative office, or international bank agency, at least thirty (30) days prior to the proposed date of termination, and shall provide a sample copy of the notice to the OFR.
(4) Reports to OFR.
(a) At the time of its filing the notice required by subsection (2) of this rule, an international banking corporation shall file with OFR a report of the licensed office’s assets and liabilities together with attached schedules fully describing the amount and maturity of each of the licensed office’s actual and contingent liabilities, including any pending litigation.
(b) Within thirty (30) days after the date on which the notice required by subsection (2), of this rule, is given to OFR, an international banking corporation shall file with OFR a report of the licensed office’s assets and liabilities, which report shall reflect the settlement of the licensed office’s aggregate liabilities as defined in Florida Statutes § 663.07(1) Any such liability shall be deemed settled if it is either discharged by payment or assumed by another office of the international banking corporation.
(c) Within sixty (60) days after the date on which the notice required by subsection (2) of this rule, is given to OFR, an international banking corporation shall file with OFR a statement certified by an appropriate officer of such corporation that all the licensed office’s assets, except any assets, including dollar deposits maintained with other banks or investment securities, held in satisfaction of the agency’s asset maintenance or capital equivalency requirements, have been transferred to another office of the international banking corporation and that all the licensed office’s liabilities have been settled.
(5) OFR may conduct an examination of the books of an international branch, international administrative office, international representative office, or international bank agency at any time after its receipt of the report required by paragraph (4)(a) of this rule, and shall conduct a final examination of such books within seven (7) days of its receipt of the statement required by paragraph (4)(c) of this rule.
(6) An international branch, international administrative office, international representative office, or international banking agency’s operations shall be deemed terminated effective upon the expiration of thirty (30) days from the date of filing the statement required by paragraph (4)(c) of this rule, unless, within such thirty (30) day period, OFR provides to the international banking corporation a written notice specifying the ground for denial of such proposed termination. OFR shall not deny a request to terminate unless it learns of the existence of any outstanding claim or claims, or any outstanding regulatory obligations which the international banking corporation has not met, or unless it deems that the requirements of this rule have not been satisfied.
Rulemaking Authority 655.012(2), 663.06(2), 663.06(4), 663.13 FS. Law Implemented 658.95, 658.96, 663.02(1), 663.06, 663.07, 663.09, 663.13 FS. History-New 12-27-87, Formerly 3C-15.016, 3C-140.005, Amended 1-1-18.
Terms Used In Florida Regulations 69U-140.005
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(3) The international banking corporation shall provide to the depositors and other creditors of its licensed office a written notice of termination in a newspaper of general circulation in the county in which its agency is located for a period of two months, running on a weekly basis, prior to the proposed date of termination and shall provide OFR with an affidavit of publication showing that the requirement of publication has been satisfied. The international banking corporation shall, in addition, send a notice directly to the customers of the international branch, international administrative office, international representative office, or international bank agency, at least thirty (30) days prior to the proposed date of termination, and shall provide a sample copy of the notice to the OFR.
(4) Reports to OFR.
(a) At the time of its filing the notice required by subsection (2) of this rule, an international banking corporation shall file with OFR a report of the licensed office’s assets and liabilities together with attached schedules fully describing the amount and maturity of each of the licensed office’s actual and contingent liabilities, including any pending litigation.
(b) Within thirty (30) days after the date on which the notice required by subsection (2), of this rule, is given to OFR, an international banking corporation shall file with OFR a report of the licensed office’s assets and liabilities, which report shall reflect the settlement of the licensed office’s aggregate liabilities as defined in Florida Statutes § 663.07(1) Any such liability shall be deemed settled if it is either discharged by payment or assumed by another office of the international banking corporation.
(c) Within sixty (60) days after the date on which the notice required by subsection (2) of this rule, is given to OFR, an international banking corporation shall file with OFR a statement certified by an appropriate officer of such corporation that all the licensed office’s assets, except any assets, including dollar deposits maintained with other banks or investment securities, held in satisfaction of the agency’s asset maintenance or capital equivalency requirements, have been transferred to another office of the international banking corporation and that all the licensed office’s liabilities have been settled.
(5) OFR may conduct an examination of the books of an international branch, international administrative office, international representative office, or international bank agency at any time after its receipt of the report required by paragraph (4)(a) of this rule, and shall conduct a final examination of such books within seven (7) days of its receipt of the statement required by paragraph (4)(c) of this rule.
(6) An international branch, international administrative office, international representative office, or international banking agency’s operations shall be deemed terminated effective upon the expiration of thirty (30) days from the date of filing the statement required by paragraph (4)(c) of this rule, unless, within such thirty (30) day period, OFR provides to the international banking corporation a written notice specifying the ground for denial of such proposed termination. OFR shall not deny a request to terminate unless it learns of the existence of any outstanding claim or claims, or any outstanding regulatory obligations which the international banking corporation has not met, or unless it deems that the requirements of this rule have not been satisfied.
Rulemaking Authority 655.012(2), 663.06(2), 663.06(4), 663.13 FS. Law Implemented 658.95, 658.96, 663.02(1), 663.06, 663.07, 663.09, 663.13 FS. History-New 12-27-87, Formerly 3C-15.016, 3C-140.005, Amended 1-1-18.