Source: https://code.dccouncil.us/dc/council/code/sections/26-831.12.html
Timestamp: 2019-04-26 00:11:03+00:00

Document:
D.C. Law Library - § 26–831.12. Commissioner taking possession of merchant banks.
↪ § 26–831.12. Commissioner taking possession of merchant banks.
§ 26–831.13. Resumption of business by a merchant bank.
(a) Subject to § 26-1401.15 as it relates to the functional regulatory authority of the Commissioner for the liquidation or rehabilitation of an insurance subsidiary or holding company affiliate, the Commissioner may take possession of the business and property of a merchant bank if the Commissioner has determined that one or more of the events described in subsection (b) of this section has occurred.
(9) Has neglected, refused or failed to take or continue proceedings for voluntary liquidation in accordance with any of the provisions of this chapter.
(c) If the Commissioner takes possession of the property or business of a merchant bank under this section, the Commissioner shall inform the merchant bank of the merchant bank’s right to seek review of the Commissioner’s action under subsection (e) of this section.
(3) The Commissioner authorizes the merchant bank to resume business under § 26-833.13.
(e) Within 10 days after the Commissioner takes possession of the property or business of a merchant bank under this section, the merchant bank may apply to the Superior Court for an order requiring the Commissioner to show cause why the Commissioner should not be enjoined from continuing his or her possession of the property or business. The Superior Court may, upon good cause shown, direct the Commissioner to surrender possession or some or all of the business or property of the merchant bank or direct the Commissioner to take, or refrain from taking, any action.
(f) In addition to the authority granted under this section, the Commissioner may request the appointment of a receiver or conservator for the merchant bank under this chapter.
D.C. Law 15-166, in subsec. (a), deleted “of the Department of Insurance and Securities Regulation” following “authority of the Commissioner”.
For temporary (90 day) amendment of section, see § 2(j) of Consolidation of Financial Services Emergency Amendment Act of 2004 (D.C. Act 15-381, February 27, 2004, 51 DCR 2653).

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