662.124 Minimum capital account required.—
(1) A licensed family trust company that has one designated relative may not be organized or operated with an owners’ capital account of less than $250,000. The minimum capital account shall be increased to $350,000 if two designated relatives of the licensed family trust company are named in the application for a license or in the annual license renewal. A family trust company may not be organized or operated with a capital account of less than $250,000.
(2) The full amount of the initial capital account of a family trust company or licensed family trust company must be composed of one or more of the asset groups described in s. 662.132(1)(a), exclusive of all organization expenses.
History.—s. 15, ch. 2014-97.
Section: Previous 662.115 662.120 662.121 662.1215 662.122 662.1225 662.123 662.124 662.125 662.126 662.127 662.128 662.129 662.130 662.131 NextLast modified: September 23, 2016