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Florida Administrative Code (Last Updated: April 18, 2024) |
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69. Department of Financial Services |
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69C. Division of Treasury |
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69C-2. Procedures For Administering The Florida Security For Public Deposits Act |
1Collateral securing public deposits may, at the discretion of the Qualified Public Depository, be owned in the name of an Operating Subsidiary if:
24(1) 100% of the stock of the Operating Subsidiary is owned and controlled by the Qualified Public Depository;
42(2) The Operating Subsidiary is a party to and bound by all the terms of the Public Depository Pledge Agreement Form DI4-1001, incorporated by reference in rule 6969C-2.009, 70F.A.C.;
71(3) The Operating Subsidiary is a party to and bound by all the terms of the Contingent Liability Agreement and Affidavit Form DI4-1000, incorporated by reference in rule 9969C-2.009, 100F.A.C.;
101(4) The Public Depository Pledge Agreement Form DI4-1001 and Contingent Liability Agreement and Affidavit Form DI4-1000 are approved by the boards of directors of both the Qualified Public Depository and the Operating Subsidiary, and approval is reflected in the minutes of those boards;
144(5) Certified copies of the relevant portions of the board minutes specified in subsection (4) above and the board resolution are provided to the Chief Financial Officer with Forms DI4-1001 and DI4-1000;
176(6) The ownership of the collateral by the Operating Subsidiary in no way impairs the security interest of the Chief Financial Officer in the collateral;
201(7) The Chief Financial Officer does not disapprove the ownership of the collateral by the Operating Subsidiary; and,
219(8) The Qualified Public Depository shall remain fully responsible and accountable for the actions of its Operating Subsidiary and shall be subject to administrative action pursuant to chapter 280, F.S.
249Rulemaking Authority 251280.19, 252280.041(7) FS. 254Law Implemented 256280.02, 257280.04, 258280.05 FS. 260History–New 5-27-97, Formerly 4C-2.028.
