reglab/statecodes huggingface dataset:
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 12 - Savings and Loan Acquisition › § 26–1207. Prohibitions

§ 26–1207. Prohibitions.
(a) Except as otherwise expressly permitted by this chapter or other applicable District or federal law, an association or savings and loan holding company that is not a District association or District savings and loan holding company or is not a regional association or regional savings and loan holding company:
(1) May not acquire a District association or savings and loan holding company; and
(2) May not acquire a regional association or regional savings and loan holding company that controls a District association or District savings and loan holding company.
(b)(1) Except as provided under paragraph (2) of this subsection, if a District association or District savings and loan holding company or regional association or regional savings and loan holding company ceases to be a District association, District savings and loan holding company, regional association, or regional savings and loan holding company, the association or savings and loan holding company shall, within 2 years, divest itself of all District associations and District savings and loan holding companies and all District branches of any other subsidiary association.
(2) A regional savings and loan holding company, regional association, District savings and loan holding company, or District association may not be required to divest its District associations, District savings and loan holding companies, or District branches if:
(A) An institution in another state, not within the region, was or is acquired pursuant to an emergency supervisory acquisition under federal law;
(B) An association having branches in a state other than within the region was or is acquired in the regular course of securing or collecting a debt previously contracted in good faith and the association or savings and loan holding company divests the association or branches acquired outside of the region within 2 years of the date of the acquisition;
(C) An increase in deposits in branches or association subsidiaries, not within the region, is the result of an occurrence other than de novo branching or the acquisition of an association or savings and loan holding company; or
(D) The change in status results from an acquisition authorized by this chapter.
(Oct. 12, 1988, D.C. Law 7-175, § 8, 35 DCR 6133.)
Prior Codifications
1981 Ed., § 26-907.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 12 - Savings and Loan Acquisition › § 26–1208. District status

§ 26–1208. District status.
(a) A District association that is controlled by a savings and loan holding company other than a District savings and loan holding company shall be subject and entitled to the benefit of all laws of the District and the rules promulgated pursuant to laws relating to the acquisition, ownership, affiliations, branching, and operations of District associations controlled by District savings and loan holding companies.
(b) Any restrictions, limitations, prohibitions, or requirements pursuant to this section pertaining to the conduct of business in the District by an association or savings and loan holding company shall not apply to corporate, business, investment, or other activities of the association or savings and loan holding company outside the District.
(c) An association or a savings and loan holding company that controls an association or branches located in the District shall file with the Superintendent [Commissioner]:
(1) Copies of all regular and periodic reports that the savings and loan association or savings and loan holding company is required to file under §§ 13 and 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. §§ 78m and 78o(d)), excluding any portions not required to be made available to the public; and
(2) Any other information regarding the District association or branches that the Superintendent [Commissioner] shall require by rule.
(d) The Superintendent [Commissioner] shall promptly notify the Council of any regional or nonregional associations and savings and loan holding companies that control District associations or have District association subsidiaries that fail or refuse to submit information as required in subsection (c) of this section.
(Oct. 12, 1988, D.C. Law 7-175, § 9, 35 DCR 6133.)
Prior Codifications
1981 Ed., § 26-908.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 12 - Savings and Loan Acquisition › § 26–1209. Rules

§ 26–1209. Rules.
The Superintendent [Commissioner] shall, pursuant to subchapter I of Chapter 5 of Title 2, issue proposed rules to implement the provisions of this chapter. The proposed rules shall be submitted to the Council for a 45-day review period, excluding Saturdays, Sundays, legal holidays, and days of Council recess. If the Council does not approve or disapprove the proposed rules, in whole or in part, by resolution within this 45-day review period, the proposed rules shall be deemed approved. Nothing in this section shall affect the requirements imposed upon the Mayor by subchapter I of Chapter 5 of Title 2.
(Oct. 12, 1988, D.C. Law 7-175, § 10, 35 DCR 6133.)
Prior Codifications
1981 Ed., § 26-909.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 12 - Savings and Loan Acquisition › § 26–1210. Continued operations of existing associations and savings and loan holding companies

§ 26–1210. Continued operations of existing associations and savings and loan holding companies.
(a) This chapter shall not be construed to require divestiture by an association or a savings and loan holding company that acquired its subsidiary District association or District savings and loan holding company prior to October 12, 1988.
(b) This chapter shall not require a regional association that, on October 12, 1988, has branch offices in the District and conducts business in the District to divest itself of any branch offices or to cease or otherwise limit its business or branching activities in the District.
(Oct. 12, 1988, D.C. Law 7-175, § 11, 35 DCR 6133.)
Prior Codifications
1981 Ed., § 26-910.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 12 - Savings and Loan Acquisition › § 26–1211. Status after conversion

§ 26–1211. Status after conversion.
(a) An association’s status as a regional association shall not be affected by the association’s conversion, after October 12, 1988, from a federal charter to a charter issued by a state in the region or by the association’s conversion from a state charter to a federal charter, so long as the association otherwise continues to qualify as a regional association under the provisions of § 26-1201(19).
(b) An association’s status as a District association or a regional association may not be affected by the association’s conversion, after October 12, 1988, from an association insured by the Federal Deposit Insurance Corporation to an association insured by the Federal Savings and Loan Insurance Corporation or by the association’s conversion from an association insured by the Federal Savings and Loan Insurance Corporation to an association insured by the Federal Deposit Insurance Corporation so long as the association continues to be a District association or a regional association as defined in § 26-1201(8) or § 26-1201(19).
(Oct. 12, 1988, D.C. Law 7-175, § 12, 35 DCR 6133.)
Prior Codifications
1981 Ed., § 26-911.
References in Text
The “Federal Savings and Loan Insurance Corporation”, referred to in (b), has been abolished. For provisions relating to the abolition of the Federal Savings and Loan Insurance Corporation and the transfer of functions, personnel and property of that agency, see §§ 401 to 406 of Pub. L. 101-73, set out as a note under 12 U.S.C. § 1437.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 12 - Savings and Loan Acquisition › § 26–1212. Insurance

§ 26–1212. Insurance.
Following an acquisition pursuant to this chapter, the deposits of any resulting association doing business in the District shall be insured by either the Federal Deposit Insurance Corporation pursuant to 12 U.S.C. § 1811 et seq., or the Federal Savings and Loan Insurance Corporation pursuant to 12 U.S.C. § 1724 et seq. [repealed].
(Oct. 12, 1988, D.C. Law 7-175, § 13, 35 DCR 6133.)
Prior Codifications
1981 Ed., § 26-912.
References in Text
“ 12 U.S.C. § 1724 et seq.”, referred to in this section, was repealed by Pub. L. 101-73, title IV, § 407, August 9, 1989, 103 Stat. 363.
The “Federal Savings and Loan Insurance Corporation”, referred to in this section, has been abolished. For provisions relating to the abolition of the Federal Savings and Loan Insurance Corporation and the transfer of functions, personnel and property of that agency, see §§ 401 to 406 of Pub. L. 101-73, set out as a note under 12 U.S.C. § 1437.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 12 - Savings and Loan Acquisition › § 26–1213. Federal exclusion

§ 26–1213. Federal exclusion.
This chapter shall not be construed to:
(1) Grant the Superintendent [Commissioner] or any other District agency jurisdiction over a federal association or any merger or consolidation of a federal association in which an association chartered by the District is not a party; or
(2) Subject any federal association to any law or rule of the District or its agencies to which it is not otherwise subject.
(Oct. 12, 1988, D.C. Law 7-175, § 14, 35 DCR 6133.)
Prior Codifications
1981 Ed., § 26-913.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 12 - Savings and Loan Acquisition › § 26–1214. Cooperative agreements and examinations

§ 26–1214. Cooperative agreements and examinations.
(a) The Superintendent [Commissioner] shall examine all nonfederal District associations controlled by an association or savings and loan holding company and all District branches controlled by an association or savings and loan holding company.
(b) The Superintendent [Commissioner] may enter into cooperative agreements with any other savings and loan regulatory agency to facilitate the regulation and examination of any savings and loan association or savings and loan holding company doing business in the District.
(c) The Superintendent [Commissioner] may accept a report of an examination or other records from any other regulatory unit instead of conducting its own examinations of interstate associations or associations controlled by savings and loan holding companies located in other jurisdictions.
(d) The Superintendent [Commissioner] may take any action jointly with any other regulatory agency having concurrent jurisdiction over savings and loan associations and savings and loan holding companies in the District or may take action independently to carry out the responsibilities of the Superintendent [Commissioner].
(Oct. 12, 1988, D.C. Law 7-175, § 15, 35 DCR 6133.)
Prior Codifications
1981 Ed., § 26-914.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 12 - Savings and Loan Acquisition › § 26–1215. Remedies

§ 26–1215. Remedies.
(a) The Superintendent [Commissioner] shall report violations of any provision of this chapter to the Corporation Counsel. The Corporation Counsel may institute a civil action on behalf of the District for equitable or any other appropriate relief, including the imposition of civil fines provided in this section, unless different procedures or means of obtaining relief are specified in this chapter for the violation.
(b) Any person violating any provision of this chapter or any rule issued pursuant to this chapter shall be subject to a civil fine of not more than $1,000 per day for each day the violation continues, up to a maximum of $30,000 for a single violation, unless a different penalty is specified in § 26-1204(d)(4)(A), § 26-1204(d)(4)(B) or § 26-1205(g)(4)(B) for the violation, in which case the specified penalty shall apply.
(c) Any person who wilfully violates this chapter or any rule issued pursuant to this chapter shall be subject to a civil fine of not more than $5,000 a day for each day the violation continues, up to a maximum of $150,000, unless a different penalty is specified in § 26-1204(d)(4)(A), § 26-1204(d)(4)(B) or § 26-1205(g)(4)(B) for the violation, in which case the specified penalty shall apply.
(Oct. 12, 1988, D.C. Law 7-175, § 16, 35 DCR 6133.)
Prior Codifications
1981 Ed., § 26-915.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 12 - Savings and Loan Acquisition › § 26–1216. Registered agent

§ 26–1216. Registered agent.
(a) Each association or savings and loan holding company making an application to the Superintendent [Commissioner] under § 26-1202 or § 26-1203 shall include in that application a statement identifying a registered agent and registered office for the association or savings and loan holding company. The registered agent shall be an agent of the association or savings and loan holding company upon whom process may be served. All notices or demands required or permitted by law may be served upon the registered agent. The registered agent and office may be the same as that used by the District association or District savings and loan holding company sought to be acquired. The appointment of a registered agent for purposes of this section shall meet the requirements imposed on a foreign corporation’s appointment of a registered agent and office by § 29-101.106.
(b) If the association or savings and loan holding company fails to appoint or maintain a registered agent and office in the District, the Mayor shall serve as the agent of the association or savings and loan holding company upon whom any process, notice, or demand against the association or savings and loan holding company may be served. All matters served upon the Mayor pursuant to this section shall be handled in the same manner as matters served upon the Mayor on behalf of foreign corporations pursuant to § 29-101.108(b) and (d).
(c) The appointment of a registered agent pursuant to this section may not be revoked or modified, except that a new registered agent may be substituted, as long as any liability for the penalties imposed by this chapter remains outstanding against the association or savings and loan holding company. Upon satisfaction of any liability, the appointment may be revoked or otherwise modified, unless the association or savings and loan holding company is otherwise required by law to maintain the registered agent and office.
(Oct. 12, 1988, D.C. Law 7-175, § 17, 35 DCR 6133.)
Prior Codifications
1981 Ed., § 26-916.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 12 - Savings and Loan Acquisition › § 26–1217. Use of minority-owned savings and loan associations

§ 26–1217. Use of minority-owned savings and loan associations.
(a) Recipients of the District of Columbia government contracts are encouraged to use federally and District chartered minority-owned savings and loan associations certified by the Small and Local Business Opportunity Commission in accordance with subchapter IX-A of Chapter 2 of Title 2.
(b) The Mayor shall, pursuant to subchapter I of Chapter 5 of Title 2, issue rules to implement the provisions of this section within 90 days of March 16, 1989. All rules issued pursuant to this subsection shall be transmitted to the Council for review.
(Oct. 12, 1988, D.C. Law 7-175, § 17a; as added Mar. 16, 1989, D.C. Law 7-187, § 3(b), 35 DCR 8648; October 4, 2000, D.C. Law 13-169, § 7, 47 DCR 5846; Oct. 20, 2005, D.C. Law 16-33, § 2381(b), 52 DCR 7503.)
Prior Codifications
1981 Ed., § 26-917.
Effect of Amendments
D.C. Law 13-169 in subsec. (a) substituted for “Minority Business Opportunity Commission in accordance with the District of Columbia Minority Contracting Act of 1976, § 1-1141 et seq.” 1981 Ed. the phrase “District of Columbia Local Business Opportunity Commission in accordance with subchapter II-B of Chapter 11 of Title 1” [1981 Ed.].
D.C. Law 16-33, in subsec. (a), substituted “Small and Local Business Opportunity Commission in accordance with subchapter IX-A of Chapter 2 of Title 2” for “District of Columbia Local Business Opportunity Commission in accordance with subchapter IX of Chapter 2 of Title 2”.
Cross References
Banking institutions organized under federal statute, application of District law, see § 26-710.
Emergency Legislation
For temporary (90-day) amendment of section, see § 7 of the Equal Opportunity for Local, Small, or Disadvantaged Business Enterprises Emergency Amendment Act of 2000 (D.C. Act 13-415, August 14, 2000, 47 DCR 7296).
For temporary (90 day) amendment of section, see § 2381(b) of Fiscal Year 2006 Budget Support Emergency Act of 2005 (D.C. Act 16-168, July 26, 2005, 52 DCR 7667).
Temporary Legislation
Section 7 of D.C. Law 13-216, in subsec. (a), substituted “District of Columbia Local Business Opportunity Commission in accordance with the Equal Opportunity for Local, Small, and Disadvantaged Business Enterprises Act of 1998” for “Minority Business Opportunity Commission in accordance with the District of Columbia Minority Contracting Act of 1976”.
Section 11(b) of D.C. Law 13-216 provided that the act shall expire after 225 days of its having taken effect.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 13 - Trust, Loan, Mortgage, Safe Deposit and Title Corporations › Subchapter I - General › § 26–1301. Manner of formation; purposes

§ 26–1301. Manner of formation; purposes.
Corporations may be formed within the District of Columbia for the purposes hereinafter mentioned in the following manner: Any number of natural persons, citizens of the United States, not less than 25, may associate themselves together to form a company for the purpose of carrying on, in the District of Columbia, any 1 of the 3 classes of business herein specified, to wit: (1) a safe deposit, trust, loan, and mortgage business; (2) a title insurance, loan, and mortgage business; or (3) a security, guarantee, indemnity, loan, and mortgage business; provided, that the capital stock of any of said companies shall not be less than $1,000,000 except as otherwise provided in § 31-2502.13, and that any of said companies may also do a storage business when their capital stock amounts to the sum of not less than $1,200,000.
(Mar. 3, 1901, 31 Stat. 1303, ch. 854, § 715; Apr. 16, 1966, 80 Stat. 121, Pub. L. 89-399, § 1(b); Apr. 9, 1997, D.C. Law 11-255, § 24(a), 44 DCR 1271.)
Prior Codifications
1981 Ed., § 26-401.
1973 Ed., § 26-301.
Section References
This section is referenced in § 26-702.01, § 26-710, § 26-1304, § 26-1309, § 26-1310, and § 26-1313.
Transfer of Functions
Pursuant to Reorganization Plan No. 3 of 1992, effective January 20, 1993, unless another date was designated by the Mayor under Sec V of the Plan, the D.C. Office of Banking and Financial Institutions (“OBFI”) is hereby transferred from the Deputy Mayor for Economic Development (“DMED”) control center to a separate OBFI control center/responsibility center. OBFI will continue to be administered by the Superintendent and will remain a part of the economic development cluster reporting to the Mayor.
[Reserved].
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 13 - Trust, Loan, Mortgage, Safe Deposit and Title Corporations › Subchapter I - General › § 26–1304. Organization certificate; execution; contents

§ 26–1304. Organization certificate; execution; contents.
The persons referred to in § 26-1301 shall, under their hands and seals, execute before some officer in said District competent to take the acknowledgment of deeds, an organization certificate, which shall specifically state:
(1) The name of the corporation;
(2) The purposes for which it is formed;
(3) The term for which it is to exist, which shall not exceed the term of 50 years, and be subject to alteration, amendment, or repeal by Congress at any time;
(4) The number of its directors and the names and residences of the officers who for the first year are to manage the affairs of the company; and
(5) The amount of its capital stock and its subdivision into shares.
(Mar. 3, 1901, 31 Stat. 1303, ch. 854, § 716; Apr. 9, 1997, D.C. Law 11-255, § 24(b), 44 DCR 1271.)
Prior Codifications
1981 Ed., § 26-404.
1973 Ed., § 26-304.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 13 - Trust, Loan, Mortgage, Safe Deposit and Title Corporations › Subchapter I - General › § 26–1305. Charter of incorporation — Power of Council to grant or refuse

§ 26–1305. Charter of incorporation — Power of Council to grant or refuse.
This certificate shall be presented to the Council of the District of Columbia, which shall have power and discretion to grant or refuse to said persons a charter of incorporation upon the terms set forth in the said certificate and the provisions of this chapter.
(Mar. 3, 1901, 31 Stat. 1303, ch. 854, § 717.)
Prior Codifications
1981 Ed., § 26-405.
1973 Ed., § 26-305.
Change in Government
This section originated at a time when local government powers were delegated to a Board of Commissioners of the District of Columbia (see Acts Relating to the Establishment of the District of Columbia and its Various Forms of Governmental Organization in Volume 1). Section 402(223) of Reorganization Plan No. 3 of 1967 (see Reorganization Plans in Volume 1) transferred all of the functions of the Board of Commissioners under this section to the District of Columbia Council, subject to the right of the Commissioner as provided in § 406 of the Plan. The District of Columbia Self-Government and Governmental Reorganization Act, 87 Stat. 818, § 711 ( D.C. Code, § 1-207.11), abolished the District of Columbia Council and the Office of Commissioner of the District of Columbia. These branches of government were replaced by the Council of the District of Columbia and the Office of Mayor of the District of Columbia, respectively. Accordingly, and also pursuant to § 714(a) of such Act ( D.C. Code, § 1-207.14(a)), appropriate changes in terminology were made in this section.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 13 - Trust, Loan, Mortgage, Safe Deposit and Title Corporations › Subchapter I - General › § 26–1306. Charter of incorporation — Notice of application

§ 26–1306. Charter of incorporation — Notice of application.
Previous to the presentation of the said certificate to the said Council of the District of Columbia, notice of the intention to apply for such charter shall be inserted in 2 newspapers of general circulation, printed in the District of Columbia, at least 4 times a week for 3 weeks, setting forth briefly the name of the proposed company, its character and object, the names of the proposed corporators, and the intention to make application for a charter on a specified day; and the proof of such publication shall be presented with said certificate when presentation thereof is made to said Council.
(Mar. 3, 1901, 31 Stat. 1303, ch. 854, § 718.)
Prior Codifications
1981 Ed., § 26-406.
1973 Ed., § 26-306.
Change in Government
This section originated at a time when local government powers were delegated to a Board of Commissioners of the District of Columbia (see Acts Relating to the Establishment of the District of Columbia and its Various Forms of Governmental Organization in Volume 1). Section 402(223) of Reorganization Plan No. 3 of 1967 (see Reorganization Plans in Volume 1) transferred all of the functions of the Board of Commissioners under this section to the District of Columbia Council, subject to the right of the Commissioner as provided in § 406 of the Plan. The District of Columbia Self-Government and Governmental Reorganization Act, 87 Stat. 818, § 711 ( D.C. Code, § 1-207.11), abolished the District of Columbia Council and the Office of Commissioner of the District of Columbia. These branches of government were replaced by the Council of the District of Columbia and the Office of Mayor of the District of Columbia, respectively. Accordingly, and also pursuant to § 714(a) of such Act ( D.C. Code, § 1-207.14(a)), appropriate changes in terminology were made in this section.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 13 - Trust, Loan, Mortgage, Safe Deposit and Title Corporations › Subchapter I - General › § 26–1308. Reports to Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking]

§ 26–1308. Reports to Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking]
All companies organized under this chapter, or which shall, under the provisions of this chapter, become entitled to transact the business of a trust company, shall report to the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking] pursuant to subchapter I of Chapter 7 of this title.
(Mar. 3, 1901, 31 Stat. 1304, ch. 854, § 720; Nov. 23, 1985, D.C. Law 6-63,§ 106(a)(7); as added Apr. 11, 1986, D.C. Law 6-107, § 2(k), 33 DCR 1168.)
Prior Codifications
1981 Ed., § 26-408.
1973 Ed., § 26-308.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 13 - Trust, Loan, Mortgage, Safe Deposit and Title Corporations › Subchapter I - General › § 26–1310. Appointment as fiduciary

§ 26–1310. Appointment as fiduciary.
In all cases in which application shall be made to any court in the District of Columbia, or wherever it becomes necessary or proper for said court to appoint a trustee, receiver, personal representative, special administrator, guardian of the estate of a minor, or committee of the estate of a person with mental illness, it shall and may be lawful for said court (but without prejudice to any preference in the order of any such appointments required by law) to appoint any such company organized under clause (1) of § 26-1301, with its assent, such trustee, receiver, personal representative, special administrator, committee, or guardian, with the consent of the guardian of the person of such minor; provided, however, that no court or judge who is an owner of or in any manner financially interested in the stock or business of such corporation shall commit by order or decree to any such corporation any trust or fiduciary duty.
(Mar. 3, 1901, 31 Stat. 1305, ch. 854, § 722; June 24, 1980, D.C. Law 3-72,§ 207(b), 27 DCR 2155; Apr. 24, 2007, D.C. Law 16-305, § 39(a), 53 DCR 6198.)
Prior Codifications
1981 Ed., § 26-410.
1973 Ed., § 26-310.
Effect of Amendments
D.C. Law 16-305 substituted “person with mental illness” for “lunatic”.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 13 - Trust, Loan, Mortgage, Safe Deposit and Title Corporations › Subchapter I - General › § 26–1311. Oath as fiduciary

§ 26–1311. Oath as fiduciary.
Whenever any corporation operating under this Code shall be appointed such trustee, personal representative, special administrator, receiver, assignee, guardian, or committee, as aforesaid, the president, vice-president, secretary, or treasurer of said company shall take the oath or affirmation required by law to be made by any trustee, personal representative, special administrator, receiver, assignee, guardian, or committee.
(Mar. 3, 1901, 31 Stat. 1305, ch. 854, § 723; June 24, 1980, D.C. Law 3-72,§ 207(c), 27 DCR 2155.)
Prior Codifications
1981 Ed., § 26-411.
1973 Ed., § 26-311.
References in Text
“Code” means An Act To establish a code of law for the District of Columbia, ch. 854, §§ 1 through 1642.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 13 - Trust, Loan, Mortgage, Safe Deposit and Title Corporations › Subchapter I - General › § 26–1312. Stock, property, and liability to be security when fiduciary

§ 26–1312. Stock, property, and liability to be security when fiduciary.
When any court shall appoint the said company a trustee, receiver, personal representative, special administrator, or such guardian or committee, or shall order the deposit of money or other valuable with said company, or where any individual or corporation shall appoint any of said companies a trustee, executor, assignee, or such guardian, the capital stock of said company subscribed for or taken, and all property owned by said company, together with the liability of the stockholders and officers as herein provided, shall be taken and considered as the security required by law for the faithful performance of its duties, and shall be absolutely liable in case of any default whatever.
(Mar. 3, 1901, 31 Stat. 1305, ch. 854, § 724; June 24, 1980, D.C. Law 3-72, § 207(d), 27 DCR 2155.)
Prior Codifications
1981 Ed., § 26-412.
1973 Ed., § 26-312.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 13 - Trust, Loan, Mortgage, Safe Deposit and Title Corporations › Subchapter I - General › § 26–1313. Existing companies; certificate of intention to comply with provisions

§ 26–1313. Existing companies; certificate of intention to comply with provisions.
Any safe deposit company, trust company, surety or guaranty company, or title insurance company incorporated on or before January 1, 1902, and operating under the laws of the United States in the District of Columbia or of any of the states, and doing business in said District on or before January 1, 1902, may avail itself of the provisions of this chapter on filing in the Office of the Recorder of Deeds of the District of Columbia, or with the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking], a certificate of its intention to do so, which certificate shall specify which one of the 3 classes of business set out in § 26-1301 it will carry on, and shall be verified by the oath of its president to the effect that it has in every respect complied with the requirements of existing law, especially with the provisions of this chapter, that its capital stock is paid in as provided in § 26-1323 and is not impaired; and thereafter such company may exercise all powers and perform all duties authorized by any 1 of the clauses of § 26-1301 in addition to the powers lawfully exercised by such company on January 1, 1902.
(Mar. 3, 1901, 31 Stat. 1306, ch. 854, § 725; Nov. 23, 1985, D.C. Law 6-63, § 106(a)(9); as added Apr. 11, 1986, D.C. Law 6-107, § 2(k), 33 DCR 1168.)
Prior Codifications
1981 Ed., § 26-413.
1973 Ed., § 26-313.
Section References
This section is referenced in § 26-1307 and § 26-1322.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 13 - Trust, Loan, Mortgage, Safe Deposit and Title Corporations › Subchapter I - General › § 26–1314. Real property held and conveyed by companies

§ 26–1314. Real property held and conveyed by companies.
Any company operating under this chapter may lease, purchase, hold, and convey real property in which the offices of the company are located not to exceed in value the capital and surplus of the company, and such in addition as it may acquire in satisfaction of debts due the corporation under sales, decrees, judgments, and mortgages. But no such association shall hold the possession of any real estate under foreclosure of mortgage, or the title and possession of any real estate purchased to secure any debts due to it, for a longer period than 5 years.
(Mar. 3, 1901, 31 Stat. 1306, ch. 854, § 726; Apr. 19, 1920, 41 Stat. 566, ch. 153.)
Prior Codifications
1981 Ed., § 26-414.
1973 Ed., § 26-314.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 13 - Trust, Loan, Mortgage, Safe Deposit and Title Corporations › Subchapter I - General › § 26–1315. Duration of charter

§ 26–1315. Duration of charter.
The charters for incorporations named in this chapter and granted before April 11, 1986, may be made perpetual, or may be limited in time by their provisions, subject to the approval of Congress.
(Mar. 3, 1901, 31 Stat. 1306, ch. 854, § 727; Nov. 23, 1985, D.C. Law 6-63,§ 106(a)(10); as added Apr. 11, 1986, D.C. Law 6-107, § 2(k), 33 DCR 1168.)
Prior Codifications
1981 Ed., § 26-415.
1973 Ed., § 26-315.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 13 - Trust, Loan, Mortgage, Safe Deposit and Title Corporations › Subchapter I - General › § 26–1316. Capital stock — Amount; payment; deposit with Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking]

§ 26–1316. Capital stock — Amount; payment; deposit with Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking]
The capital stock of every such company shall be at least $1,000,000, and at least 50 percent thereof must have been paid in, in cash or by the transfer of assets as hereinafter provided in § 26-1323, before any such company shall be entitled to transact business as a corporation, except with its own members, and before any company organized hereunder shall be entitled to transact the business of a trust company, or to become and act as a personal representative, guardian of the estate of a minor, or undertake any other kindred fiduciary duty, it shall deposit, either in money or in bonds, mortgages, deeds of trust, or other securities equal in actual value to one-fourth of the capital stock paid in, with the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking], to be kept by him upon the trust and for the purposes hereinafter provided; and the said Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking] may from time to time require an additional deposit from any such company, to be held upon and for the same trust and purposes, not exceeding, however, in value one-half the paid-in capital stock; and the said Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking] shall not issue to any corporation the certificate heretofore provided for until said deposit with him of securities required by this section. Within 1 year after the organization of any corporation under the provisions of this chapter, or after any corporation existing prior to January 1, 1902, shall have availed itself of the powers and rights given by this chapter in the manner herein provided for, its entire capital stock shall have been paid in.
(Mar. 3, 1901, 31 Stat. 1306, ch. 854, § 728; June 24, 1980, D.C. Law 3-72,§ 207(e), 27 DCR 2155; Nov. 23, 1985, D.C. Law 6-63, § 106(a)(11); as added Apr. 11, 1986, D.C. Law 6-107, § 2(k), 33 DCR 1168.)
Prior Codifications
1981 Ed., § 26-416.
1973 Ed., § 26-316.
Section References
This section is referenced in § 26-1317.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 13 - Trust, Loan, Mortgage, Safe Deposit and Title Corporations › Subchapter I - General › § 26–1317. Capital stock — Calls; sale on failure to pay money subscribed

§ 26–1317. Capital stock — Calls; sale on failure to pay money subscribed.
It shall be lawful for such company to call for and demand from the stockholders, respectively, all sums of money by them subscribed, at such time and in such proportions as its board of directors shall deem proper, within the time specified in § 26-1316, and it may enforce payment by all remedies provided by law; and if any stockholder shall refuse or neglect to pay any instalment, as required by a resolution of the board of directors, after 30 days notice of the same, the said board of directors may sell at public auction to the highest bidder so many shares of said stock as shall pay said installment, under such general regulations as may be adopted in the bylaws of said company, and the highest bidder shall be taken to be the person who offers to purchase the least number of shares for the assessment due.
(Mar. 3, 1901, 31 Stat. 1306, ch. 854, § 729; June 20, 1938, 52 Stat. 780, ch. 527; Sept. 10, 1985, D.C. Law 6-34, § 2, 32 DCR 3776; Mar. 12, 1986, D.C. Law 6-91, § 2, 33 DCR 310.)
Prior Codifications
1981 Ed., § 26-417.
1973 Ed., § 26-317.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 13 - Trust, Loan, Mortgage, Safe Deposit and Title Corporations › Subchapter I - General › § 26–1318. Annual reports — Publication; contents; verification

§ 26–1318. Annual reports — Publication; contents; verification.
Every such company shall annually, within 20 days after the 1st of January of each year, make a report to the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking], which shall be published in a newspaper in the District, which shall state the amount of capital and of the proportion actually paid, the amount of debts, and the gross earnings for the year ending December 31st then next previous, together with their expenses, which report shall be signed by the president and a majority of the directors or trustees, and shall be verified by the oath of the president, secretary, and at least 3 of the directors or trustees; provided, however, that trust companies which are required to file and to publish reports under the provisions of § 161 of Title 12, United States Code , as amended, shall not be required to make or publish the annual report required under this section.
(Mar. 3, 1901, 31 Stat. 1307, ch. 854, § 730; July 1, 1902, 32 Stat. 619, ch. 1352, § 6(5); Nov. 30, 1945, 59 Stat. 588, ch. 499; Nov. 23, 1985, D.C. Law 6-63, § 106(a)(12); as added Apr. 11, 1986, D.C. Law 6-107, § 2(k), 33 DCR 1168.)
Prior Codifications
1981 Ed., § 26-418.
1973 Ed., § 26-318.
Section References
This section is referenced in § 26-1319.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 13 - Trust, Loan, Mortgage, Safe Deposit and Title Corporations › Subchapter I - General › § 26–1319. Annual reports — Liability of directors or trustees

§ 26–1319. Annual reports — Liability of directors or trustees.
If any company fails to comply with the provisions of § 26-1318, all the directors or trustees of such company shall be jointly and severally liable for the debts of the company then existing and for all that shall be contracted before such report shall be made; provided, that in case of failure of the company in any year to comply with the provisions of § 26-1318, and any of the directors shall, on or before January 15th of such year, file his written request for such compliance with the secretary of the company, the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking], and the Recorder of Deeds of the District of Columbia, such director shall be exempt from the liability prescribed in this section.
(Mar. 3, 1901, 31 Stat. 1307, ch. 854, § 731; Nov. 23, 1985, D.C. Law 6-63,§ 106(a)(13); as added Apr. 11, 1986, D.C. Law 6-107, § 2(k), 33 DCR 1168.)
Prior Codifications
1981 Ed., § 26-419.
1973 Ed., § 26-319.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 13 - Trust, Loan, Mortgage, Safe Deposit and Title Corporations › Subchapter I - General › § 26–1320. Wilful false swearing; misappropriation

§ 26–1320. Wilful false swearing; misappropriation.
Any wilful false swearing in regard to any certificate or report or public notice required by the provisions of this chapter shall be perjury and shall be punished as such according to the laws of the District of Columbia. Any misappropriation of any of the money of any corporation or company formed under this chapter, or of any money, funds, or property intrusted to it, shall be held to be theft, and shall be punished as such under the laws of said District.
(Mar. 3, 1901, 31 Stat. 1307, ch. 854, § 732; Dec. 1, 1982, D.C. Law 4-164,§ 601(h), 29 DCR 3976.)
Prior Codifications
1981 Ed., § 26-420.
1973 Ed., § 26-320.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 13 - Trust, Loan, Mortgage, Safe Deposit and Title Corporations › Subchapter I - General › § 26–1321. Stock deemed personal estate; transfer; contents of certificates

§ 26–1321. Stock deemed personal estate; transfer; contents of certificates.
The stock of such company shall be deemed personal estate, and shall be transferable only on the books of such company in such manner as shall be prescribed by the bylaws of the company; but no shares shall be transferable until all previous calls thereon shall have been fully paid. All certificates of the stock of any company organized under this chapter shall show upon their face the par value of each share and the amount paid thereon.
(Mar. 3, 1901, 31 Stat. 1307, ch. 854, § 733; July 1, 1902, 32 Stat. 619, ch. 1352, § 6(5).)
Prior Codifications
1981 Ed., § 26-421.
1973 Ed., § 26-321.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 13 - Trust, Loan, Mortgage, Safe Deposit and Title Corporations › Subchapter I - General › § 26–1322. Liability of stockholders

§ 26–1322. Liability of stockholders.
All stockholders of every company incorporated under this chapter, or availing itself of its provisions under § 26-1313 shall be severally and individually liable to the creditors of such company to an amount equal to and in addition to the amount of stock held by them respectively for all debts and contracts made by such company.
(Mar. 3, 1901, 31 Stat. 1307, ch. 854, § 734.)
Prior Codifications
1981 Ed., § 26-422.
1973 Ed., § 26-322.
Section References
This section is referenced in § 26-105.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 13 - Trust, Loan, Mortgage, Safe Deposit and Title Corporations › Subchapter I - General › § 26–1323. Payment of stock to be in money only; exception

§ 26–1323. Payment of stock to be in money only; exception.
Nothing but money shall be considered as payment of any part of the capital stock, except that in the case of any company doing business on January 1, 1902, in the District of Columbia in any of the classes herein provided for, or under any act of Congress, or by virtue of the laws of any of the states, and which company had on that date actually received full payment in money of at least 50% of the capital stock required by this chapter, and which company desires to obtain a charter under this chapter, all the assets or property may be received and considered as money at a value to be appraised and fixed by the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking]; provided, that all such assets and property are also transferred to and are thereafter owned by the company organized under this chapter.
(Mar. 3, 1901, 31 Stat. 1308, ch. 854, § 735; Nov. 23, 1985, D.C. Law 6-63,§ 106(a)(14); as added Apr. 11, 1986, D.C. Law 6-107, § 2(k), 33 DCR 1168.)
Prior Codifications
1981 Ed., § 26-423.
1973 Ed., § 26-323.
Section References
This section is referenced in § 26-1313 and § 26-1316.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 13 - Trust, Loan, Mortgage, Safe Deposit and Title Corporations › Subchapter I - General › § 26–1324. Election of, and management of company by, directors or trustees

§ 26–1324. Election of, and management of company by, directors or trustees.
The stock, property, and concerns of such company shall be managed by not less than 9 nor more than 30 directors or trustees, who shall, respectively, be stockholders, and citizens of the United States, and at least two-thirds of whom shall reside in the District of Columbia or within 100 miles of the location of the principal office of the company, and shall, except the first year, be annually elected by the stockholders at such time and place and after such published notice as shall be determined by the bylaws of the company, and said directors or trustees shall hold until their successors are elected and qualified.
(Mar. 3, 1901, 31 Stat. 1308, ch. 854, § 736; Aug. 28, 1957, 71 Stat. 474, Pub. L. 85-199, § 1.)
Prior Codifications
1981 Ed., § 26-424.
1973 Ed., § 26-324.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 13 - Trust, Loan, Mortgage, Safe Deposit and Title Corporations › Subchapter I - General › § 26–1325. Officers; security authorized

§ 26–1325. Officers; security authorized.
There shall be a president of the company, who shall be a director, also a secretary and a treasurer, all of whom shall be chosen by the directors or trustees; provided, that only 1 of the above named offices shall be held by the same person at the same time. Subordinate officers may be appointed by the directors or trustees, and all such officers may be required to give such security for the faithful performance of the duties of their offices as the directors or trustees may require.
(Mar. 3, 1901, 31 Stat. 1308, ch. 854, § 737.)
Prior Codifications
1981 Ed., § 26-425.
1973 Ed., § 26-325.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 13 - Trust, Loan, Mortgage, Safe Deposit and Title Corporations › Subchapter I - General › § 26–1326. Power to make bylaws; purposes thereof

§ 26–1326. Power to make bylaws; purposes thereof.
The directors or trustees shall have power to make such bylaws as they deem proper for the management or disposal of the stock and business affairs of such company, not inconsistent with the provisions of this chapter, and prescribing the duties of officers and servants that may be employed, for the appointment of all officers, and for carrying on all kinds of business within the objects and purposes of such company.
(Mar. 3, 1901, 31 Stat. 1308, ch. 854, § 738.)
Prior Codifications
1981 Ed., § 26-426.
1973 Ed., § 26-326.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 13 - Trust, Loan, Mortgage, Safe Deposit and Title Corporations › Subchapter I - General › § 26–1327. Liability of directors or trustees on declaration of dividends — Conditions

§ 26–1327. Liability of directors or trustees on declaration of dividends — Conditions.
If the directors or trustees of any company shall declare or pay any dividend the payment of which would render it insolvent, or which would create a debt against such company, they shall be jointly and severally liable as guarantors for all the debts of the company then existing, and for all that shall be thereafter contracted while they shall, respectively, remain in office.
(Mar. 3, 1901, 31 Stat. 1308, ch. 854, § 739.)
Prior Codifications
1981 Ed., § 26-427.
1973 Ed., § 26-327.
Section References
This section is referenced in § 26-1328.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 13 - Trust, Loan, Mortgage, Safe Deposit and Title Corporations › Subchapter I - General › § 26–1328. Liability of directors or trustees on declaration of dividends — Exemption

§ 26–1328. Liability of directors or trustees on declaration of dividends — Exemption.
If any of the directors or trustees shall object to declaring such dividends or the payment of the same, and shall at any time before the time fixed for the payment thereof file a certificate of their objection in writing with the secretary of the company and with the Recorder of Deeds of the District, they shall be exempt from the liability prescribed in § 26-1327.
(Mar. 3, 1901, 31 Stat. 1308, ch. 854, § 740.)
Prior Codifications
1981 Ed., § 26-428.
1973 Ed., § 26-328.