(1)(a) An international banking corporation that is licensed to maintain an office in this state may not continue to conduct its licensed business in this state if the international banking corporation:

1. Is dissolved, or its authority or existence is otherwise terminated or canceled in the jurisdiction of its incorporation;
2. Is in bankruptcy, conservatorship, receivership, liquidation, or similar status under the laws of any country; or
3. Is operating under the direct control of the government or the regulatory or supervisory authority of the jurisdiction of its incorporation through government intervention or any other extraordinary actions.

Terms Used In Florida Statutes 663.11

  • Banking business: means receiving deposits, paying of checks or other instruments, making loans, or any other activity authorized in this chapter for an international banking corporation or its offices. See Florida Statutes 663.01
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • 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.
  • Foreign country: means a country other than the United States and includes any colony, dependency, or possession of such country notwithstanding any definitions in chapter 658, and any territory of the United States, including Guam, American Samoa, the Virgin Islands, and the Commonwealth of Puerto Rico. See Florida Statutes 663.01
  • International administrative office: 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 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
  • 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.
  • Oversight: Committee review of the activities of a Federal agency or program.
(b)1. Notwithstanding subparagraphs (a)2. and 3., the office may permit an international branch, international bank agency, international administrative office, or international representative office to remain open and in operation under the following conditions:

a. Within 30 days after the occurrence of an event described in subparagraph (a)2. or subparagraph (a)3., the international branch, international bank agency, international administrative office, or international representative office provides the office with a plan to wind down its affairs and business within the subsequent 90 days or provides an interim operational plan outlining parameters for its continued operation. If the office finds that such interim operational plan does not allow for the conduct of business in a safe and sound manner, the office shall revoke the license.
b. The international banking corporation is authorized by the foreign country in which it is organized and licensed to address the affairs of any international branch, international bank agency, international administrative office, or international representative office in this state.
c. The international branch, international bank agency, international administrative office, or international representative office does not engage in any new lines of business or otherwise expand its activities in this state.
d. The office determines that allowing the international branch, international bank agency, international administrative office, or international representative office to remain open furthers domestic and foreign supervisory cooperation.
e. The office determines that allowing the international branch, international bank agency, international administrative office, or international representative office to remain open is in the public’s interest and does not present an immediate or serious danger to the public health, safety, or welfare.
2. The commission may establish, by rule, additional standards and conditions for approval of an interim operational plan and for ongoing compliance with the plan. Such standards and conditions shall be based upon the need for cooperative supervisory efforts, consistent regulatory oversight, and the orderly administration of the international banking corporation’s affairs.
3. After the resolution of all applicable events described in subparagraphs (a)2. and 3., if an international banking corporation is no longer authorized by the foreign country in which it is organized and licensed to conduct banking business, the international branch, international bank agency, international administrative office, or international representative office shall surrender its license in accordance with s. 663.06.
(2) The international banking corporation or its surviving officers and directors shall deliver to the office:

(a) A certificate of the official who is responsible for records of banking corporations of the jurisdiction of incorporation of such international banking corporation, attesting to the occurrence of any event described in paragraph (1)(a);
(b) A certified copy of an order or decree of a court of such jurisdiction, directing the dissolution of such international banking corporation, the termination of its existence, or the cancellation of its authority or declaring its status in bankruptcy, conservatorship, receivership, liquidation, or similar proceedings; or
(c) Other reliable documentation evidencing that the international banking corporation is operating under the direct control of its government or a regulatory or supervisory authority.
(3) The filing of the certificate, order, documentation, or decree has the same effect as the revocation of the license of such international banking corporation as provided in s. 663.06, unless the office has permitted the international branch, international bank agency, international administrative office, or international representative office to remain open and in operation pursuant to paragraph (1)(b).
  Previous section
Next section  
 Part I Contents