The Florida Senate

663.10  Conversion of license.--

(1)  An international banking corporation desiring to convert its existing federal agency or federal branch or Edge Act corporation into an international bank agency or international branch, or an Edge Act corporation which desires to convert to a state-chartered investment company shall submit to the department an application, on a form the department shall provide, accompanied by a filing fee as prescribed by s. 663.12 An examination and investigation may be conducted to the extent determined necessary by the department. The cost of any such examination shall be paid by the applicant.

(2)  Nothing in the laws of this state shall restrict the right of a state-licensed international branch agency, international branch, or international representative office or a state-chartered investment company to convert to a federal license or charter upon compliance with the laws of the United States. Upon completion of any such conversion, the state license shall be surrendered to the department.

(3)  An international banking corporation desiring to convert any existing international banking office to an international banking office of a different type shall submit to the department an application on a form the department shall provide which shall be accompanied by all of the information and documents that are required of applicants for a license of the type being sought together with the filing fee required by s. 663.12

(4)  An international banking corporation desiring to convert any federal agency, federal branch, or Edge Act corporation into an international banking office operating under provisions of this part shall meet the minimum criteria of the state-chartered form into which it is converting.

History.--ss. 91, 152, ch. 80-260; ss. 2, 3, ch. 81-318; s. 1, ch. 91-307; ss. 1, 167, ch. 92-303.