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Florida Statutes (Last Updated: April 21, 2021) |
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TITLE XXXVIII. BANKS AND BANKING |
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CHAPTER 658. BANKS AND TRUST COMPANIES |
Latest version.
- 1(1) 2A bank or trust company shall issue its capital stock with par value of not less than $1 per share.22(2) 23No bank or trust company shall issue any shares of capital stock at a price less than par value, and prior to issuance, any such shares must be fully paid in cash.55(3) 56With the approval of the office, a bank or trust company may issue preferred stock of one or more classes in an amount and with a par value as approved by the office.89(4) 90With the approval of the office, a bank or trust company may issue less than all the number of shares of any of its capital stock authorized by its articles of incorporation. Such authorized but unissued shares may be issued only for the following purposes:135(a) 136To provide for stock options and warrants as provided in s. 147658.35148.149(b) 150To declare or pay a stock dividend; however, any such stock dividend must comply with the provisions of this section and s. 172658.37173.174(c) 175To increase the capital of the bank or trust company.185(5) 186Stock of the same class may not be issued or sold by the financial institution that creates different rights, options, warrants, or benefits among the purchasers or stockholders of that class of stock. Such prohibition does not restrict the financial institution from creating uniform restrictions on the transfer of stock as permitted in s. 240607.0627241.
History.-s. 2, ch. 28016, 1953; ss. 12, 35, ch. 69-106; s. 1, ch. 70-409; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 24, 151, 152, ch. 80-260; ss. 2, 3, ch. 81-318; s. 1, ch. 91-307; ss. 1, 118, ch. 92-303; s. 12, ch. 93-111; s. 16, ch. 2001-243; s. 1780, ch. 2003-261; s. 13, ch. 2008-75.
Note
Note.-Former s. 659.08.
