Florida Statutes 662.150 – Domestication of a foreign family trust company
Current as of: 2023 | Check for updates
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(1) A foreign family trust company lawfully organized and currently in good standing with the state regulatory agency in the jurisdiction where it is organized may become domesticated in this state by:
(a) Filing with the Department of State articles of domestication and articles of incorporation in accordance with and subject to s. 607.11922 or by filing articles of conversion in accordance with s. 605.1045 or s. 607.11933; and
Terms Used In Florida Statutes 662.150
- Family trust company: means a corporation or limited liability company that:(a) Is exclusively owned by one or more family members. See Florida Statutes 662.111
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Licensed family trust company: means a family trust company that operates in accordance with this chapter and has been issued a license that has not been revoked or suspended by the office. See Florida Statutes 662.111
- Office: means the Office of Financial Regulation. See Florida Statutes 662.111
(b) Filing an application for a license to begin operations as a licensed family trust company in accordance with s. 662.121, which must first be approved by the office, or by filing the prescribed form with the office to register as a family trust company to begin operations in accordance with s. 662.122.
(2) A foreign family trust company may apply pursuant to paragraph (1)(b) before satisfying the requirements of paragraph (1)(a); however, upon receipt of a certificate of authority, the company must satisfy the requirements of paragraph (1)(a) before beginning operations.