Florida Statutes 663.306 – Decision by office
Current as of: 2023 | Check for updates
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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
Terms Used In Florida Statutes 663.306
- 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 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. See Florida Statutes 663.301
- Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
(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.