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2014 Florida Statutes

Title XXXVIII BANKS AND BANKING
Chapter 662 FAMILY TRUST COMPANIES Entire Chapter
SECTION 123
Organizational documents; use of term "family trust" in name.
F.S. 662.123
1662.123 Organizational documents; use of term “family trust” in name.—
(1) The articles of incorporation, certificate of incorporation, or articles of organization of a family trust company or licensed family trust company must contain:
(a) The name adopted by the company, which must distinguish the company from any other trust company formed in this state or engaged in the business of a trust company, family trust company, or licensed family trust company in this state. If the term “trust” is included in the name adopted by a family trust company, it must be immediately preceded by the term “family” so as to distinguish the entity from a trust company operating under chapter 658. This paragraph does not apply to a foreign licensed family trust company using a fictitious name that is registered and maintained pursuant to s. 865.09 and that distinguishes it.
(b) The purpose for which the company is formed, which must clearly identify the restricted activities permissible to a family trust company or licensed family trust company under this chapter.
(c) A statement that the company will not offer its services to the general public.
(d) A statement affirming that the articles of incorporation, certificate of incorporation, or articles of organization will not be amended without prior written notice to the office.
(2) A proposed amendment to the articles of incorporation, articles of organization, bylaws, or articles of organization of a limited liability company, family trust company, or licensed family trust company must be submitted to the office for review at least 30 days before it is filed or effective. An amendment is not considered filed or effective if the office issues a notice of disapproval with respect to the proposed amendment.
(3) The term “family trust” in the name adopted by a family trust company or licensed family trust company does not disqualify the name from being allowed under s. 605.0112 or s. 607.0401.
History.—s. 14, ch. 2014-97.
1Note.—Effective October 1, 2015.