Section 658.68, Florida Statutes 2003
(1) A state bank must maintain a daily liquidity position equal to at least 15 percent of its total transaction accounts and 8 percent of its total nontransaction accounts, less those deposits of public funds for which security has been pledged as provided by law. Bank assets eligible to meet the liquidity requirement are cash on hand, demand deposits due from correspondent banks, and other investments and short-term marketable securities as determined by rule of the commission.
(2) Whenever a state bank fails to demonstrate compliance with subsection (1), the bank shall not further diminish its liquidity by making any new loans or discounts otherwise than by discounting or purchasing bills of exchange payable at sight, nor by paying any dividends of its profits until compliance with the liquidity requirement of either has been met. The office may notify any bank whose liquidity is below the amount required to be maintained to make good such liquidity, and if the bank fails within 30 days thereafter to achieve its liquidity requirement, the office may determine the bank insolvent and may appoint a liquidator to wind up the business as provided in ss. 658.79-658.96.
History.--s. 2, ch. 28016, 1953; ss. 12, 35, ch. 69-106; s. 1, ch. 69-191; s. 1, ch. 71-169; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 58, 151, 152, ch. 80-260; ss. 8, 12, ch. 81-179; ss. 2, 3, ch. 81-318; s. 3, ch. 83-265; ss. 38, 58, ch. 85-82; s. 1, ch. 91-307; ss. 1, 134, ch. 92-303; s. 13, ch. 93-111; s. 1794, ch. 2003-261.
Note.--Former s. 659.16.