Florida Senate - 2017 SB 958 By Senator Thurston 33-01158-17 2017958__ 1 A bill to be entitled 2 An act relating to financial institutions; amending s. 3 658.21, F.S.; revising an applicable timeframe of a 4 minimum financial institution experience requirement 5 for certain proposed directors of a bank or trust 6 company applicant; amending ss. 658.23 and 658.30, 7 F.S.; revising applicability of the Florida Business 8 Corporations Act to include parts II and III of ch. 9 607, F.S.; providing an effective date. 10 11 Be It Enacted by the Legislature of the State of Florida: 12 13 Section 1. Subsection (4) of section 658.21, Florida 14 Statutes, is amended to read: 15 658.21 Approval of application; findings required.—The 16 office shall approve the application if it finds that: 17 (4) The proposed officers have sufficient financial 18 institution experience, ability, standing, and reputation and 19 the proposed directors have sufficient business experience, 20 ability, standing, and reputation to indicate reasonable promise 21 of successful operation, and none of the proposed officers or 22 directors has been convicted of, or pled guilty or nolo 23 contendere to, any violation of s. 655.50, relating to the 24 control of money laundering and terrorist financing; chapter 25 896, relating to offenses related to financial institutions; or 26 similar state or federal law. At least two of the proposed 27 directors who are not also proposed officers must have had at 28 least 1 year of direct experience as an executive officer, 29 regulator, or director of a financial institution within the 5 30 year period3 yearsbefore the date of the application. However, 31 if the applicant demonstrates that at least one of the proposed 32 directors has very substantial experience as an executive 33 officer, director, or regulator of a financial institution for 34 more than 53years before the date of the application, the 35 office may modify the requirement and allow the applicant to 36 have only one director who hasto havedirect financial 37 institution experience within the last 53years. The proposed 38 president or chief executive officer must have had at least 1 39 year of direct experience as an executive officer, director, or 40 regulator of a financial institution within the last 53years. 41 Section 2. Subsection (2) of section 658.23, Florida 42 Statutes, is amended to read: 43 658.23 Submission of articles of incorporation; contents; 44 form; approval; filing; commencement of corporate existence; 45 bylaws.— 46 (2) The articles of incorporation shall contain: 47 (a) The name of the proposed bank or trust company. 48 (b) The general nature of the business to be transacted or 49 a statement that the corporation may engage in any activity or 50 business permitted by law. Such statement shall authorize all 51 such activities and business by the corporation. 52 (c) The amount of capital stock authorized, showing the 53 maximum number of shares of par value common stock and of 54 preferred stock, and of every kind, class, or series of each, 55 together with the distinguishing characteristics and the par 56 value of all shares. 57 (d) The amount of capital with which the corporation will 58 begin business, which may not be less than the amount required 59 by the office pursuant to s. 658.21. 60 (e) A provision that the corporation is to have perpetual 61 existence unless existence is terminated pursuant to the 62 financial institutions codes. 63 (f) The initial street address of the main office of the 64 corporation, which shall be in this state. 65 (g) The number of directors, which shall be five or more, 66 and the names and street addresses of the members of the initial 67 board of directors. 68 (h) A provision for preemptive rights, if applicable. 69 (i) A provision authorizing the board of directors to 70 appoint additional directors, pursuant to s. 658.33, if 71 applicable. 72 73 The office shall provide to the proposed directors form articles 74 of incorporation which must include only those provisions 75 required under this section or underpart I ofchapter 607. The 76 form articles shall be acknowledged by the proposed directors 77 and returned to the office for filing with the Department of 78 State. 79 Section 3. Section 658.30, Florida Statutes, is amended to 80 read: 81 658.30 Application of the Florida Business Corporation 82 Act.— 83 (1) When not in direct conflict with or superseded by 84 specific provisions of the financial institutions codes, the 85 provisions of the Florida Business Corporation Act,part I of86 chapter 607, extend to state banks and trust companies formed 87 under the financial institutions codes. This section shall be 88 liberally construed to accomplish the purposes stated herein. 89 (2) Without limiting the generality of subsection (1), 90 stockholders, directors, and committees of state banks and trust 91 companies may hold meetings in any manner authorized bypart I92ofchapter 607, and any action by stockholders, directors, or 93 committees required or authorized to be taken at a meeting may 94 be taken without a meeting in any manner authorized bypart I of95 chapter 607. 96 Section 4. This act shall take effect July 1, 2017.