2002 Florida Code
TITLE XXXVIII BANKS AND BANKING
Chapter 658 BANKS AND TRUST COMPANIES  
658.34   Shares of capital stock.

658.34  Shares of capital stock.--

(1)  A bank or trust company shall issue its capital stock with par value of not more than $100 nor less than $1 per share.

(2)  No 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.

(3)  With the approval of the department, 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 department.

(4)  With the approval of the department, 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:

(a)  To provide for stock options as provided in s. 658.35.

(b)  To declare or pay a stock dividend; however, any such stock dividend must comply with the provisions of this section and s. 658.37.

(c)  To increase the capital of the bank or trust company, with the approval of the department.

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.

Note.--Former s. 659.08.