658.40 Definitions for merger and consolidation. - Florida Statutes

658.40 Definitions for merger and consolidation.

As used in the provisions of this code relating to the merger and consolidation of banks and trust companies, unless the context requires otherwise:

   (1) “Constituent bank or trust company” means a bank or a state trust company which is a party to a merger.

   (2) “Merger” includes consolidation.

   (3) “Resulting bank or trust company” means the consolidated bank or state trust company which is, or is to be, carrying on business upon completion of a consolidation; and, in the case of a merger, means the bank or state trust company into which the other constituent banks or trust companies are, or are to be, merged.

   (4) “Successor institution” means a banking corporation or a trust company organized under the laws of this state to which the office has not issued a certificate of authorization, as provided in s. 658.25, to conduct a banking business or trust business, the sole purpose of the organization of which is to facilitate a plan of merger, reorganization, or consolidation.

History. s. 4, ch. 28016, 1953; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 30, 151, 152, ch. 80-260; ss. 2, 3, ch. 81-318; ss. 27, 51, ch. 84-216; s. 1, ch. 91-307; ss. 1, 124, ch. 92-303; s. 1785, ch. 2003-261.

Note. Former s. 661.01.