Source: https://code.dccouncil.us/dc/council/code/sections/26-1401.17.html
Timestamp: 2019-04-21 20:24:02+00:00

Document:
D.C. Law Library - § 26–1401.17. Commissioner taking possession of universal banks.
↪ § 26–1401.17. Commissioner taking possession of universal banks.
§ 26–1401.16. Liquidation of universal banks in general.
(a) Subject to § 26-1401.15 as it relates to the functional regulatory authority of the Commissioner with respect to the liquidation or rehabilitation of an insurance subsidiary or holding company affiliate, the Commissioner may take possession of the business and property of a universal bank if the Commissioner has determined that one or more of the events described in subsection (b) of this section has occurred.
(c) If the Commissioner takes possession of the property or business of a universal bank under this section, the Commissioner shall inform the universal bank of the universal bank’s right to seek review of the Commissioner’s action under subsection (e) of this section.
(3) The Commissioner authorizes the universal bank to resume business under § 26-1401.18.
(e) Within 10 days after the Commissioner takes possession of the property or business of a universal bank under this section, the universal 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 of some or all of the business or property of the universal 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 appoint a receiver for the universal bank as provided in § 26-1401.19.
For temporary (90 day) amendment of section, see § 2(h) 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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