Florida Statutes 159.414 – Authority to deal with financial institution which employs a board member
Current as of: 2024 | Check for updates
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Terms Used In Florida Statutes 159.414
- Trustee: A person or institution holding and administering property in trust.
Notwithstanding any general or special law, rule, regulation, or ordinance to the contrary, including ss. 112.311–112.326, a board may sell its bonds to a financial institution, as defined in s. 655.005, which employs a member of the board as an officer, director, or employee and may appoint a financial institution to serve as trustee or cotrustee under a trust indenture relating to bonds issued under this part, notwithstanding the fact that an officer, director, or employee of the financial institution is a member of the board. However, no member of the board who is an officer, director, or employee of a financial institution which is interested in purchasing or serving as trustee or cotrustee for a proposed or outstanding bond issue shall vote on any matter related to such bond issue after the interest of the financial institution in such bond issue becomes known to the member.