69U-130.107. Surrender of License

(1) An international trust entity proposing to terminate the operation of its international trust company representative office shall surrender its license in the manner prescribed by this rule.

(2) An international trust entity shall provide to the OFR written notice of its intention to terminate the operation of its international trust company representative office at least sixty (60) days prior to the proposed date of termination. The notice shall state that the proposed termination has been approved by the board of directors of the international trust entity, or a committee or executive officer duly authorized by such board of directors, and shall include the proposed date of termination and the name of the officer in charge of the termination procedures, which officer may be the general manager or any other officer of the international trust company representative office.

(3) An international trust entity shall provide a written notice of termination in a newspaper of general circulation in the county in which its international trust company representative office is located for a period of two months prior to the proposed date of termination and shall provide the OFR with an affidavit of publication showing that the requirement of publication has been satisfied.

(4) Reports to the OFR.

(a) At the time of its filing the notice required by subsection (2) of this rule, an international trust entity shall file with the OFR a report of the international trust company representative office’s assets and liabilities together with attached schedules fully describing the amount and maturity of each of the international trust company representative offices’s actual and contingent liabilities, if any. In addition, the international trust entity shall notify the OFR of any pending litigation.

(b) Within thirty (30) days after the date on which the notice required by subsection (2) of this rule, is given to the OFR, an international trust entity shall file with the OFR, a report of the international trust company representative office’s assets and liabilities. The report shall reflect the settlement of the international trust company representative office’s aggregate liabilities. Any such liability shall be deemed settled if it is either discharged by payment or assumed by another office of the international trust entity.

(c) Within sixty (60) days after the date on which the notice required by subsection (2) of this rule, is given to the OFR, an international trust entity shall file with the OFR a statement certified by an appropriate officer of such entity that all the international trust company representative office’s assets have been transferred to another office of the international trust entity, and that all the international trust company represenative office’s liabilities have been settled.

(5) The OFR may conduct an examination of the books of an international trust company representative office at any time after its receipt of the report required by paragraph (4)(a) of this rule, and shall conduct a final examination of such books within fourteen (14) days of its receipt of the statement required by paragraph (4)(c) of this rule.

(6) An international trust company representative office’s operations shall be deemed terminated effective upon the expiration of thirty (30) days from the date of filing the statement required by paragraph (4)(c) of this rule, unless, within such thirty (30) day period, the OFR provides to the international trust entity a written notice specifying the grounds for denial of such proposed termination. The OFR shall not deny a request to terminate unless it learns of the existence of any outstanding claim or claims, or any outstanding regulatory obligations which the international trust entity has not met, or unless it deems that the requirements of this rule have not been satisfied.

Rulemaking Authority 655.012(2), 663.414, 663.408(2), 663.408(4), 663.411 FS. Law Implemented 663.414, 663.408(2), 663.408(4), 663.411 FS. History–New 1-1-18.