Florida Administrative Code
69 - DEPARTMENT OF FINANCIAL SERVICES
69C - Division of Treasury
Chapter 69C-2 - PROCEDURES FOR ADMINISTERING THE FLORIDA SECURITY FOR PUBLIC DEPOSITS ACT
Section 69C-2.028 - Ownership of Collateral by an Operating Subsidiary of the Qualified Public Depository

(1) 100% of the stock of the Operating Subsidiary is owned and controlled by the Qualified Public Depository;

(2) The Operating Subsidiary is a party to and bound by all the terms of the Public Depository Pledge Agreement Form DI4-1001, incorporated by reference in rule 69C-2.009, F.A.C.;

(3) The Operating Subsidiary is a party to and bound by all the terms of the Contingent Liability Agreement and Affidavit Form DI4-1000, incorporated by reference in rule 69C-2.009, F.A.C.;

(4) The Public Depository Pledge Agreement Form DI4-1001 and Contingent Liability Agreement and Affidavit Form DI4-1000 are approved by the boards of directors of both the Qualified Public Depository and the Operating Subsidiary, and approval is reflected in the minutes of those boards;

(5) Certified copies of the relevant portions of the board minutes specified in subsection (4) above and the board resolution are provided to the Chief Financial Officer with Forms DI4-1001 and DI4-1000;

(6) The ownership of the collateral by the Operating Subsidiary in no way impairs the security interest of the Chief Financial Officer in the collateral;

(7) The Chief Financial Officer does not disapprove the ownership of the collateral by the Operating Subsidiary; and,

(8) The Qualified Public Depository shall remain fully responsible and accountable for the actions of its Operating Subsidiary and shall be subject to administrative action pursuant to chapter 280, F.S.