Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-130 - INTERNATIONAL TRUST COMPANY REPRESENTATIVE OFFICES › Section 69U-130.107 - Surrender of License

Current through Reg. 50, No. 138; July 16, 2024
(1) An international
				trust entity proposing to terminate the operation of its international trust
				company representative office shall surrender its license in the manner
				prescribed by this rule.
(2) An
				international trust entity shall provide to the OFR written notice of its
				intention to terminate the operation of its international trust company
				representative 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 trust entity, 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 international trust company representative
				office.
(3) An international trust
				entity shall provide a written notice of termination in a newspaper of general
				circulation in the county in which its international trust company
				representative office is located for a period of two months prior to the
				proposed date of termination and shall provide the OFR with an affidavit of
				publication showing that the requirement of publication has been
				satisfied.
(4) Reports to the OFR.
(a) At the time of its filing the notice
				required by subsection (2) of this rule, an international trust entity shall
				file with the OFR a report of the international trust company representative
				office's assets and liabilities together with attached schedules fully
				describing the amount and maturity of each of the international trust company
				representative offices's actual and contingent liabilities, if any. In
				addition, the international trust entity shall notify the OFR of 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 the OFR, an international trust entity shall file with the
				OFR, a report of the international trust company representative office's assets
				and liabilities. The report shall reflect the settlement of the international
				trust company representative office's aggregate liabilities. Any such liability
				shall be deemed settled if it is either discharged by payment or assumed by
				another office of the international trust entity.
(c) Within sixty (60) days after the date on
				which the notice required by subsection (2) of this rule, is given to the OFR,
				an international trust entity shall file with the OFR a statement certified by
				an appropriate officer of such entity that all the international trust company
				representative office's assets have been transferred to another office of the
				international trust entity, and that all the international trust company
				represenative office's liabilities have been settled.