Florida Statutes 663.309 – Permissible activities; prohibited activities
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(1) An international development bank shall have the authority:
(a) To make loans or otherwise extend credit to foreign business enterprises and foreign governments and to issue and confirm letters of credit, create bankers acceptances, and provide guarantees for the purpose of providing financing to foreign business enterprises and foreign governments;
Terms Used In Florida Statutes 663.309
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Fiduciary: A trustee, executor, or administrator.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- International development bank: means a corporation established for the purpose of promoting development in foreign countries by directly or indirectly making funding available to foreign business enterprises or foreign governments or by providing financing in connection with import-export transactions. See Florida Statutes 663.301
(b) To provide financing in connection with import-export transactions to the extent permissible for an Edge Act corporation organized under s. 25(a) of the Federal Reserve Act, as amended, 12 U.S.C. ss. 611-632;
(c) To invest funds as provided in s. 663.315;
(d) To borrow funds as provided in s. 663.316;
(e) To take deposits from financial institutions, foreign not-for-profit foundations, foreign business enterprises, and organizations which qualify under s. 501(c) of the Internal Revenue Code and which had at the end of their last fiscal year no less than $10 million in assets;
(f) To maintain for the account of others credit balances necessarily incidental to, or arising out of, the exercise of its lawful powers. Such credit balances may be disbursed by check or draft; however, the commission shall by rule provide appropriate limitations upon such disbursements to ensure that credit balances are not functionally equivalent to demand deposits;
(g) To exercise such other incidental powers as shall be reasonably necessary to carry out the authority granted in this part.
(2) An international development bank shall not:
(a) Take deposits except as provided in this section;
(b) Offer deposit accounts other than those permitted to be offered by an international bank agency;
(c) Exercise trust or fiduciary powers;
(d) Offer credit cards;
(e) Establish or use remote financial service units; or
(f) Serve as a depository of public moneys or be employed as a financial agent of the state.