{"data":{"id":"us-fl/fla.-stat.-662.125","jurisdiction":"us-fl","citation":"Fla. Stat. § 662.125","heading":"Directors or managers.","body":"(1) Exclusive authority to manage a family trust company or licensed family trust company is vested in a board of directors, if a corporation, or a board of directors or managers, if a limited liability company.\n(2) A family trust company or licensed family trust company shall have at least three directors, if a corporation, or three directors or managers, if a limited liability company. At least one director or manager of the company must be a resident of this state.\n(3) The licensed family trust company shall notify the office of the proposed appointment of an individual to the board of directors or addition as a member, or the appointment or employment of an individual as an officer or manager or member acting in a managerial capacity or equivalent position, at least 60 days before such appointment or employment becomes effective, if the company:\n(a) Has been licensed for less than 2 years.\n(b) Has undergone a change in control within the preceding 2 years.\n(c) Is operating under a cease and desist order.\nThe notification must include the name and such biographical information as the office may reasonably require.\n(4) A licensed family trust company may not appoint an individual to the board of directors, add a member, or appoint or employ an officer or manager or member acting in a managerial capacity or equivalent, if the office issues a notice of disapproval with respect to that person.\n(5) The office shall issue a notice of disapproval if the office finds that the proposed appointment or employment of a person would otherwise cause the licensed family trust company to violate any of the requirements set forth in s. 662.121(10)(b)-(d) or s. 662.1215(2)(a).\nHistory.—s. 16, ch. 2014-97.","path":["CHAPTER 662 FAMILY TRUST COMPANIES"],"source_url":"https://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute\u0026URL=0600-0699/0662/0662.html","current_through":"2026 Florida Statutes","vintage":"","retrieved_at":"2026-08-27T02:11:29Z","sha256":"146de8f3f99b70b7e0f982f628d090e56963bcc2ef3f783303bf3dfd9103dade","source_id":"us-fl","stale":false,"prev":"us-fl/fla.-stat.-662.124","next":"us-fl/fla.-stat.-662.126"},"notice":"GroundRules: Original legal text. Not legal advice."}