Florida Statutes 665.0335 – Supervisory case; emergency conversion, reorganization, merger; consolidation; acquisition of assets
Current as of: 2024 | Check for updates
|
Other versions
(1) The office may determine that a state or federal association is a supervisory case if it finds that:
(a) The association is in an impaired condition; or
Terms Used In Florida Statutes 665.0335
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Association: means a capital stock association subject to the provisions of this chapter. See Florida Statutes 665.012
- Capital stock: means the aggregate of shares of nonwithdrawable capital issued by a capital stock association, but does not include nonwithdrawable capital represented by capital certificates. See Florida Statutes 665.012
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(b) The association is in imminent danger of being in an impaired condition.
Any such finding by the office shall be based upon reports furnished to it by a state or federal savings and loan association examiner or upon other evidence from which it is reasonable to conclude that the association is a supervisory case.
(2) Notwithstanding any other provision of this chapter or chapter 120, if the office finds that immediate action is necessary to protect the interests of depositors and reduce the potential for claims against the insurance fund, or in order to prevent the probable failure of a state or federal association which is a supervisory case, the office may, with the concurrence of the appropriate federal regulatory agency in the case of any association the deposits of which are federally insured, issue an emergency order authorizing:
(a) The conversion of such association from a state to a federal charter, or vice versa, without change of business form;
(b) The reorganization, merger, or consolidation of such state or federal association with another state or federal association;
(c) The conversion of such state or federal association into a state or federal capital stock association; or
(d) Any state or federal association to acquire the assets of, and assume the liabilities of, such failing association.