Florida Statutes 662.125 – Directors or managers
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(1) Exclusive authority to manage a family trust company or licensed family trust company is vested in a board of directors, if a corporation, or a board of directors or managers, if a limited liability company.
(2) A family trust company or licensed family trust company shall have at least three directors, if a corporation, or three directors or managers, if a limited liability company. At least one director or manager of the company must be a resident of this state.
(3) The licensed family trust company shall notify the office of the proposed appointment of an individual to the board of directors or addition as a member, or the appointment or employment of an individual as an officer or manager or member acting in a managerial capacity or equivalent position, at least 60 days before such appointment or employment becomes effective, if the company:
(a) Has been licensed for less than 2 years.
Terms Used In Florida Statutes 662.125
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Family trust company: means a corporation or limited liability company that:(a) Is exclusively owned by one or more family members. See Florida Statutes 662.111
- Licensed family trust company: means a family trust company that operates in accordance with this chapter and has been issued a license that has not been revoked or suspended by the office. See Florida Statutes 662.111
- Office: means the Office of Financial Regulation. See Florida Statutes 662.111
- person: includes individuals, children, firms, associations, joint adventures, partnerships, estates, trusts, business trusts, syndicates, fiduciaries, corporations, and all other groups or combinations. See Florida Statutes 1.01
(b) Has undergone a change in control within the preceding 2 years.(c) Is operating under a cease and desist order.The notification must include the name and such biographical information as the office may reasonably require.
(4) A licensed family trust company may not appoint an individual to the board of directors, add a member, or appoint or employ an officer or manager or member acting in a managerial capacity or equivalent, if the office issues a notice of disapproval with respect to that person.