1. (1) When authorized by the department, a corporation may be formed under the laws of this state for the purpose of becoming a banker's bank. An application for authority to organize a banker's bank is subject to the provisions of ss. 658.19, 658.20, and 658.21, except that the provisions of ss. 658.20(1)(b) and (c) and 658.21(2) do not apply.
2. (2) A banker's bank chartered pursuant to subsection (1) shall be subject to the provisions of the financial institutions codes and rules adopted thereunder; and, except as otherwise specifically provided herein or by rule or order of the department, a banker's bank shall be vested with or subject to the same rights, privileges, duties, restrictions, penalties, liabilities, conditions, and limitations that would apply to a state bank.
3. (3) Notwithstanding any other provision of this chapter, a banker's bank may repurchase, for its own account, shares of its own capital stock; however, the outstanding capital stock may not be reduced below the minimum required by this chapter without the prior approval of the department.
4. (4) If the department finds that any provision of this chapter is inconsistent with the purpose for which a banker's bank is organized and that the welfare of the public or any financial institution would not be jeopardized thereby, it may by rule or order exempt a banker's bank from such provision or limit the application thereof.

History.--s. 2, ch. 83-48; s. 1, ch. 91-307; ss. 1, 104, ch. 92-303.