Florida Senate - 2015                        COMMITTEE AMENDMENT
       Bill No. SB 362
       
       
       
       
       
       
                                Ì752902ÇÎ752902                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  02/18/2015           .                                
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       The Committee on Judiciary (Stargel) recommended the following:
       
    1         Senate Amendment 
    2  
    3         Delete lines 47 - 88
    4  and insert:
    5         agent under this chapter.
    6         b. Maintenance by the corporation of a liability insurance
    7  policy that covers any losses sustained by the principal caused
    8  by errors, omissions, or any intentional misconduct committed by
    9  the corporation’s officers or agents. The policy must cover all
   10  principals for whom the corporation is acting as an agent for
   11  losses up to $250,000. The terms of the policy must cover acts
   12  or omissions of each agent or employee of the corporation who
   13  has direct contact with the principal or access to the
   14  principal’s assets.
   15         c. Signing by the principal of a separate written
   16  instrument containing the following language in 14-point
   17  uppercase type:
   18  
   19  I HAVE BEEN ADVISED THAT OFFICERS OF THE NOT-FOR-PROFIT
   20  CORPORATION HAVE DECLINED TO AGREE TO BE JOINTLY AND SEVERALLY
   21  LIABLE WITH THE NOT-FOR-PROFIT CORPORATION FOR ACTS OR OMISSIONS
   22  OCCURRING IN THE EXERCISE OF THE POWER OF ATTORNEY EXECUTED
   23  UNDER CHAPTER 709, FLORIDA STATUTES.
   24  
   25  I HAVE ALSO BEEN ADVISED THAT THE NOT-FOR-PROFIT CORPORATION
   26  THAT I HAVE NAMED AS MY AGENT UNDER MY POWER OF ATTORNEY HAS
   27  ELECTED NOT TO POST AND MAINTAIN A FIDUCIARY BOND OR MAINTAIN
   28  INSURANCE IN ACCORDANCE WITH SECTION 709.2105(1)(c), FLORIDA
   29  STATUTES.
   30  
   31  I UNDERSTAND THAT THE ASSETS OF THE NOT-FOR-PROFIT CORPORATION
   32  MAY NOT BE SUFFICIENT TO COVER LIABILITY ARISING FROM AN ERROR,
   33  AN OMISSION, OR ANY INTENTIONAL MISCONDUCT COMMITTED BY AN
   34  EMPLOYEE OR AGENT OF THE CORPORATION.
   35         d. Designation of the corporation by a principal as an
   36  agent under a power of attorney and the corporation acts as an
   37  agent for the principal. However, each officer of the
   38  corporation is jointly and severally liable with the corporation
   39  for acts and omissions under the power of attorney and this
   40  chapter which occur when there is no fiduciary bond as provided
   41  in sub-subparagraph a., liability insurance as provided in sub
   42  subparagraph b., or signed acknowledgement as provided in sub
   43  subparagraph c.
   44         (2) A power of attorney must be signed by the principal and
   45  by two subscribing witnesses and be acknowledged by the
   46  principal before a notary public or as otherwise provided in s.
   47  695.03.
   48         (3) If the principal is physically unable to sign the