1(1) 2Exclusive 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.
37(2) 38A 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.
82(3) 83The 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:
146(a) 147Has been licensed for less than 2 years.
155(b) 156Has undergone a change in control within the preceding 2 years.
167(c) 168Is operating under a cease and desist order.
176The notification must include the name and such biographical information as the office may reasonably require.
192(4) 193A 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.
241(5) 242The office shall issue a notice of disapproval if the office finds that the proposed appointment or employment of a person would otherwise cause the licensed family trust company to violate any of the requirements set forth in s. 281662.121(10)(b)282-(d) or s. 285662.1215(2)(a)286.
