655.418 Nonconforming activities; cessation. - Florida Statutes

655.418 Nonconforming activities; cessation.

If, as a result of a merger, consolidation, conversion, or acquisition pursuant to ss. 655.41-655.419, the resulting financial entity is to be of a different type or of a different character than any one or all of the participating or converting financial entities, such resulting financial entity will be subject to the following conditions and limitations:

   (1) PLAN FOR TERMINATION. The plan of merger, consolidation, conversion, or acquisition must set forth the method and schedule for terminating those activities that are not permitted by the laws of this state for the resulting financial entity but that were authorized for any of the participating or converting financial entities.

   (2) EFFECTIVE DATE. The plan of merger, consolidation, conversion, or acquisition must state that, from the effective date of such action, the resulting financial entity will not engage in any nonconforming activities, except to the extent necessary to fulfill obligations existing prior to the merger, consolidation, conversion, or acquisition, pursuant to subsection (4).

   (3) COMPLIANCE WITH LENDING AND INVESTMENT LIMITATIONS. If, as a result of such merger, consolidation, conversion, or acquisition, the resulting financial entity will exceed any lending, investment, or other limitations imposed by law, the financial entity shall conform to such limitations within such period of time as is established by the office.

   (4) DIVESTITURE. The office may, as a condition to such merger, consolidation, conversion, or acquisition, require a nonconforming activity to be divested in accordance with such additional requirements as it considers appropriate under the circumstances.

History. s. 4, ch. 82-214; s. 1, ch. 85-65; s. 1, ch. 91-307; ss. 1, 37, ch. 92-303; s. 1728, ch. 2003-261.