Florida Statutes 663.10 – Conversion of license
Current as of: 2023 | Check for updates
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Terms Used In Florida Statutes 663.10
- 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 bank agency: means an office of an international banking corporation established in this state for the purpose of engaging in the activities described in…. See Florida Statutes 663.01
- International banking corporation: means a banking corporation organized and licensed under the laws of a foreign country. See Florida Statutes 663.01
- International branch: means any office of an international banking corporation established in this state under…. See Florida Statutes 663.01
- International representative office: means an office of an international banking corporation organized and licensed under the laws of a foreign country that is established or maintained in this state for the purpose of engaging in the activities described in…. See Florida Statutes 663.01
- State-chartered investment company: means a corporation organized under the laws of this state for the purpose of engaging in the activities described in…. See Florida Statutes 663.01
(1) An international banking corporation desiring to convert its existing federal agency or federal branch or Edge Act corporation into an international bank agency or international branch, or an Edge Act corporation which desires to convert to a state-chartered investment company shall submit to the office an application, on a form adopted by the commission and provided by the office, accompanied by a filing fee as prescribed by s. 663.12. An examination and investigation may be conducted to the extent determined necessary by the office. The cost of any such examination shall be paid by the applicant.
(2) Nothing in the laws of this state shall restrict the right of a state-licensed international branch agency, international branch, or international representative office or a state-chartered investment company to convert to a federal license or charter upon compliance with the laws of the United States. Upon completion of any such conversion, the state license shall be surrendered to the office.
(3) An international banking corporation desiring to convert any existing international banking office to an international banking office of a different type shall submit to the office an application on a form adopted by the commission and provided by the office which shall be accompanied by all of the information and documents that are required of applicants for a license of the type being sought together with the filing fee required by s. 663.12.
(4) An international banking corporation desiring to convert any federal agency, federal branch, or Edge Act corporation into an international banking office operating under provisions of this part shall meet the minimum criteria of the state-chartered form into which it is converting.