Source: http://dccode.elaws.us/code?no=26-712
Timestamp: 2019-12-06 18:35:48
Document Index: 126101785

Matched Legal Cases: ['§ 26', '§ 26', '§ 10', '§ 2', '§ 3', '§ 26', '§ 29', '§ 29', '§ 29']

§ 26-712. Administrative procedure; cease and desist orders.
(a)(1) If, in the opinion of the Superintendent, a District banking corporation or a director, officer, employee, agent, or other person who participates in the conduct of the affairs of the banking corporation, engages in an unsafe or unsound practice in conducting the business of the bank or violates or is about to violate a law, rule, regulation, written condition imposed by the Superintendent in connection with the grant of any application or request, or any written agreement entered into with the Superintendent, the Superintendent may institute an administrative action against the bank or person by the issuance of a Notice of Charges.
(2) If, in the opinion of the Superintendent, a person or a director, officer, employee, agent, or other person who participates in the conduct of the affairs of the person violates or is about to violate a law, rule, regulation, written condition imposed by the Superintendent in connection with the grant of any application or request, or any written agreement entered into with the Superintendent, the Superintendent may institute an administrative action against the person by the issuance of a Notice of Charges.
(c) In the event of a consent or default or if, upon the record at the hearing, the Superintendent finds that any violation or practice alleged in the Notice of Charges is established by a preponderance of the evidence, the Superintendent may issue an order to cease and desist from the violation or practice. The order may require the bank or person or director, officer, employee, agent, or other person who participates in the conduct of the affairs of the bank or person to cease and desist from the violation or practice, and take affirmative action to correct the violation or practice or any condition that results from the violation or practice. The affirmative action may include indemnification, reimbursement, restitution, or any other relief that the Superintendent deems appropriate.
(d) The cease and desist order shall become effective 30 days after service or, in the case of consent, shall become effective immediately. The order shall remain effective and enforceable unless the order is stayed, modified, terminated, or set aside by the Superintendent or a reviewing court.
(e) If, in the opinion of the Superintendent, a violation or practice or threatened violation or practice of this subchapter or § 26-103 is likely to cause insolvency, substantial dissipation of the assets or earnings of the bank or person, or serious prejudice to the interests of the depositors or customers of the bank or person, the Superintendent, through the Office of the Corporation Counsel, may:
(1) Petition the court to issue a restraining order to prevent the continuance of the violation or practice or threatened violation or practice, pending completion of the Superintendent's administrative proceeding;
(Nov. 23, 1985, D.C. Law 6-63, § 10c, as added Aug. 17, 1991, D.C. Law 9- 42, § 2(d), 38 DCR 4981; July 2, 2011, D.C. Law 18-378, § 3(g), 58 DCR 1720.)
1981 Ed., § 26-811.
D.C. Law 18-378, in subsec. (e)(2), substituted "part B of subchapter XII of Chapter 3 of Title 29 " for "§§ 29-391 and 29-392 ('Business Corporation Act') " and "the provisions of §§ 29-391 and 29-392" ; and, in subsec. (e)(4), substituted "part B of subchapter XII of Chapter 3 of Title 29 if the corporation exceeded or abused the authority conferred upon the corporation by Chapter 1, 2, or 3 of Title 29" for "§ 29-101.189 if the corporation exceeded or abused the authority conferred upon the corporation by Chapter 1 of Title 29".
Law 9-42, the "District of Columbia Interstate Banking Act of 1985 Amendment Act of 1991," was introduced in Council and assigned Bill No. 9-37, which was referred to the Committee on Economic Development. The Bill was adopted on first and second readings on June 4, 1991, and July 2, 1991, respectively. Signed by the Mayor on July 24, 1991, it was assigned Act No. 9-79 and transmitted to both Houses of Congress for its review.
Because of the codification of D.C. Law 11-142 as subchapter II of Chapter 8 [subchapter II of Chapter 7, 2001 Ed.], and the designation of the preexisting text as subchapter I, "subchapter" has been substituted for "chapter" in the introductory language of (e).