reglab/statecodes huggingface dataset:
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 › § 26–1329. Directors or trustees personally liable when liabilities exceed assets

§ 26–1329. Directors or trustees personally liable when liabilities exceed assets.
If the liabilities of any company shall at any time exceed the amount of the fair cash value of the assets, the directors or trustees of such company assenting thereto shall be personally and individually liable for such excess to the creditors of the company, after the additional liability of the stockholders has been enforced.
(Mar. 3, 1901, 31 Stat. 1308, ch. 854, § 741.)
Prior Codifications
1981 Ed., § 26-429.
1973 Ed., § 26-329.
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 › § 26–1330. Fiduciary not liable as stockholder; liability of estate and funds

§ 26–1330. Fiduciary not liable as stockholder; liability of estate and funds.
No person holding stock in such company as personal representative, guardian, or trustee shall be personally subject to any liability as stockholder of such company, but the estate and funds in the hands of such personal representative, guardian, or trustee shall be liable in like manner and to the same extent as the testator or intestate or the ward or the person interested in such trust fund would have been if he had been living and competent to act and hold the stock in his own name.
(Mar. 3, 1901, 31 Stat. 1308, ch. 854, § 742; June 24, 1980, D.C. Law 3-72,§ 207(f), 27 DCR 2155.)
Prior Codifications
1981 Ed., § 26-430.
1973 Ed., § 26-330.
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 › § 26–1331. Increase or decrease of capital stock

§ 26–1331. Increase or decrease of capital stock.
(a) Any corporation which may be formed under this chapter may increase its capital stock by complying with the provisions of this chapter to any amount which may be deemed sufficient and proper for the purposes of the corporation.
(b) Any company transacting the business of a trust company heretofore or hereafter organized or operating under the provisions of this chapter may by the vote of shareholders owning two-thirds of its capital stock reduce its capital to any sum not below the amount required by this chapter; but no such reduction shall be made until the amount of the proposed reduction has been reported to the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking] and such reduction has been approved by said Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking], and no shareholder shall be entitled to any distribution of cash or other assets by reason of any reduction of the common capital of any such corporation unless such distribution shall have been approved by the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking] and by the affirmative vote of at least two-thirds of the shares of stock outstanding.
(Mar. 3, 1901, 31 Stat. 1309, ch. 854, § 743; June 20, 1938, 52 Stat. 780, ch. 527; Nov. 23, 1985, D.C. Law 6-63, § 106(a)(15); as added Apr. 11, 1986, D.C. Law 6-107, § 2(k), 33 DCR 1168.)
Prior Codifications
1981 Ed., § 26-431.
1973 Ed., § 26-331.
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 › § 26–1332. Copy of certificate as evidence

§ 26–1332. Copy of certificate as evidence.
A copy of any certificate of incorporation filed in pursuance of this chapter, certified by the Recorder of Deeds to be a true copy and the whole of such certificate, shall be received in all courts and places as presumptive legal evidence of the facts therein stated.
(Mar. 3, 1901, 31 Stat. 1309, ch. 854, § 744.)
Prior Codifications
1981 Ed., § 26-432.
1973 Ed., § 26-332.
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 › § 26–1333. Security required for performance of fiduciary duties; liability thereon

§ 26–1333. Security required for performance of fiduciary duties; liability thereon.
No bond or other collateral security, except as hereinafter stated, shall be required from any trust company incorporated under this chapter for and in respect to any trust, nor when appointed trustee, guardian, receiver, personal representative, special administrator, committee of the estate of a person with a mental illness or an intellectual disability, or other fiduciary appointment; but the capital stock subscribed for or taken, and all property owned by said company and the amount for which said stockholders shall be liable in excess of their stock, 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; and in case of the insolvency or dissolution of said company, the debts due from the said company as trustee, guardian, receiver, personal representative, special administrator, or committee of the estate of a person with mental illness or an intellectual disability or any other fiduciary appointment shall have a preference.
(Mar. 3, 1901, 31 Stat. 1309, ch. 854, § 745; June 24, 1980, D.C. Law 3-72,§ 207(g), 27 DCR 2155; Apr. 24, 2007, D.C. Law 16-305, § 39(b), 53 DCR 6198; Sept. 26, 2012, D.C. Law 19-169, § 23(c), 59 DCR 5567.)
Prior Codifications
1981 Ed., § 26-433.
1973 Ed., § 26-333.
Effect of Amendments
D.C. Law 16-305 substituted “person with mental illness or mental retardation” for “lunatic or idiot” and “lunatics, idiots”.
The 2012 amendment by D.C. Law 19-169 substituted “an intellectual disability” for “mental retardation” twice.
Editor's Notes
Section 35 of D.C. Law 19-169 provided that no provision of the act shall impair any right or obligation existing under law.
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 › § 26–1334. Powers of probate court

§ 26–1334. Powers of probate court.
The court having probate jurisdiction, or any judge thereof, shall have power to make orders respecting such company whenever it shall have been appointed trustee, guardian, receiver, personal representative, special administrator, committee of the estate of a person with mental illness or an intellectual disability or any other fiduciary, and require the said company to render all accounts which might lawfully be made or required by any court or any judge thereof if such trustee, guardian, receiver, personal representative, special administrator, committee of the estate of a person with mental illness or an intellectual disability or fiduciary were a natural person. And said court, or any judge thereof, at any time, on application of any person interested, may appoint some suitable person to examine into the affairs and standing of such companies, who shall make a full report thereof to the court, and said court, or any judge thereof, may at any time, in its discretion, require of said company a bond with sureties or other security for the faithful performance of its obligations, and such sureties or other security shall be liable to the same extent and in the same manner as if given or pledged by a natural person.
(Mar. 3, 1901, 31 Stat. 1309, ch. 854, § 746; June 25, 1936, 49 Stat. 1921, ch. 804; June 25, 1948, 62 Stat. 991, ch. 646, § 32(a), (b); May 24, 1949, 63 Stat. 107, ch. 139, § 127; July 29, 1970, 84 Stat. 576, Pub. L. 91-358, title I, § 158(c)(4); June 24, 1980, D.C. Law 3-72, § 207(h), 27 DCR 2155; Apr. 24, 2007, D.C. Law 16-305, § 39(c), 53 DCR 6198; Sept. 26, 2012, D.C. Law 19-169, § 23(d), 59 DCR 5567.)
Prior Codifications
1981 Ed., § 26-434.
1973 Ed., § 26-334.
Effect of Amendments
D.C. Law 16-305 substituted “person with mental illness or mental retardation” for “lunatic, idiot,” and “lunatic or idiot,”.
The 2012 amendment by D.C. Law 19-169 substituted “an intellectual disability” for “mental retardation” both times it appears.
Editor's Notes
Section 35 of D.C. Law 19-169 provided that no provision of the act shall impair any right or obligation existing under law.
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 › § 26–1335. Compliance required of foreign corporations or companies

§ 26–1335. Compliance required of foreign corporations or companies.
No corporation or company organized by virtue of the laws of any of the states of this Union shall carry on in the District of Columbia any of the kinds of business named in this chapter without strict compliance in all particulars with the provisions of this chapter for the government of such corporations formed under it, and each one of the officers of the corporation or company so offending shall be punished by a fine not exceeding $1,000 or imprisonment not exceeding 1 year, or by both fine and imprisonment, in the discretion of the court.
(Mar. 3, 1901, 31 Stat. 1309, ch. 854, § 747; Mar. 4, 1933, 47 Stat. 1567, ch. 274, § 5.)
Prior Codifications
1981 Ed., § 26-435.
1973 Ed., § 26-335.
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 › § 26–1336. Right of Congress to amend or repeal chapter; remedies preserved

§ 26–1336. Right of Congress to amend or repeal chapter; remedies preserved.
Congress may at any time alter, amend, or repeal this chapter, but any such amendment or repeal shall not, nor shall the dissolution of any company formed under this chapter, take away or impair any remedy given against such corporation, its stockholders, or officers for any liability or penalty which shall have been previously incurred.
(Mar. 3, 1901, 31 Stat. 1309, ch. 854, § 748.)
Prior Codifications
1981 Ed., § 26-436.
1973 Ed., § 26-336.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 13 - Trust, Loan, Mortgage, Safe Deposit and Title Corporations › Subchapter II - Existing Trust Companies; Perpetual Succession of Trust Companies › § 26–1351. Existing title insurance companies may become perpetual

§ 26–1351. Existing title insurance companies may become perpetual.
Any company formed prior to January 1, 1902, agreeably to law, for the purpose of insuring titles to real estate may become perpetual by filing, in the Office of the Recorder of Deeds, a certificate to that effect, in like manner as is provided by law for the filing of the original certificate of incorporation.
(Mar. 3, 1901, 31 Stat. 1289, ch. 854, § 641.)
Prior Codifications
1981 Ed., § 26-402.
1973 Ed., § 26-302.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 13 - Trust, Loan, Mortgage, Safe Deposit and Title Corporations › Subchapter II - Existing Trust Companies; Perpetual Succession of Trust Companies › § 26–1352. Trust companies to have perpetual succession

§ 26–1352. Trust companies to have perpetual succession.
Any company transacting the business of a trust company and heretofore or hereafter organized or operating under the provisions of this chapter, but before April 11, 1986, shall have perpetual succession from the date of its organization, or until such time as it be dissolved, or until its franchise shall become forfeited by reason of violation of law, or until terminated by either a general or special act of Congress, or until its affairs be placed in the hands of a receiver and finally wound up by him.
(Mar. 3, 1901, 31 Stat. 1289, ch. 854, § 641; June 24, 1936, 49 Stat. 1898, ch. 743; Nov. 23, 1985, D.C. Law 6-63, § 106(a)(1); as added Apr. 11, 1986, D.C. Law 6-107, § 2(k), 33 DCR 1168.)
Prior Codifications
1981 Ed., § 26-403.
1973 Ed., § 26-303.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 14 - Universal Bank Certification › Subchapter I - General Provisions › § 26–1401.01. Short title

§ 26–1401.01. Short title.
This chapter may be cited as the “Universal Bank Certification Act of 2000”.
(June 9, 2001, D.C. Law 13-308, § 201, 48 DCR 3244.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 14 - Universal Bank Certification › Subchapter II - Application and Certification as a Universal Bank › § 26–1401.04. Issuance of certificate of authority

§ 26–1401.04. Issuance of certificate of authority.
If the Commissioner approves the application of a financial institution to become certified as a universal bank, the Commissioner shall issue to the financial institution a certificate of authority stating that the financial institution is certified as a universal bank under this chapter.
(June 9, 2001, D.C. Law 13-308, § 204, 48 DCR 3244.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 14 - Universal Bank Certification › Subchapter II - Application and Certification as a Universal Bank › § 26–1401.05. Revocation or subsequent limitation of certificate of authority

§ 26–1401.05. Revocation or subsequent limitation of certificate of authority.
If a universal bank fails to maintain the standards and requirements of § 26-1401.03(c), the Commissioner shall, by order, revoke or limit the exercise of the powers of the universal bank.
(June 9, 2001, D.C. Law 13-308, § 205, 48 DCR 3244.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 14 - Universal Bank Certification › Subchapter II - Application and Certification as a Universal Bank › § 26–1401.06. Voluntary termination of certification

§ 26–1401.06. Voluntary termination of certification.
A financial institution that is certified as a universal bank under this chapter may elect to terminate its certification by giving 60 days prior written notice of the termination to the Commissioner. A termination under this section shall be effective only with the written approval of the Commissioner. A financial institution shall, as a condition to a termination under this section, terminate its exercise of all powers granted under this chapter before the termination of the certification. The Commissioner’s written approval of a financial institution’s termination under this section shall be void if the financial institution fails to satisfy the condition to termination under this section.
(June 9, 2001, D.C. Law 13-308, § 206, 48 DCR 3244.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 14 - Universal Bank Certification › Subchapter III - Powers and Authority of Universal Banks › § 26–1401.07. Preexisting powers of universal banks

§ 26–1401.07. Preexisting powers of universal banks.
A universal bank may exercise any power that it was authorized to exercise under the District of Columbia Banking Code before its certification as a universal bank.
(June 9, 2001, D.C. Law 13-308, § 207, 48 DCR 3244.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 14 - Universal Bank Certification › Subchapter III - Powers and Authority of Universal Banks › § 26–1401.08. Parity of powers of universal bank

§ 26–1401.08. Parity of powers of universal bank.
(a) The Commissioner may authorize a universal bank to exercise a power that may be exercised by any other state bank, state or federally chartered savings bank, state or federally chartered savings and loan association, or federally charted national bank.
(b)(1) A universal bank shall file with the Commissioner a written request to exercise a power under subsection (a) of this section. Within 60 days after receiving a request under this subsection, the Commissioner shall approve the request if the Commissioner determines that:
(A) The power requested by the universal bank may be exercised by a state bank, state or federally chartered savings bank, a state or federally chartered savings and loan association, or a federally charted national bank; and
(B) The universal bank will exercise the power requested in a safe and sound manner.
(2) The Department and the universal bank may agree to extend the 60-day period under paragraph (1) of this subsection for an additional 60 days.
(c) A universal bank shall exercise a power authorized under this section only through a subsidiary of the universal bank, with the appropriate safeguards to limit the risk exposure of the universal bank and to protect the banking customers of the universal bank.
(June 9, 2001, D.C. Law 13-308, § 208, 48 DCR 3244.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 14 - Universal Bank Certification › Subchapter III - Powers and Authority of Universal Banks › § 26–1401.10. Necessary or convenient powers

§ 26–1401.10. Necessary or convenient powers.
Unless otherwise prohibited by law or regulation, a universal bank may exercise all powers necessary or convenient to effect the purposes for which the universal bank is organized or to further a business, activity, or operation in which the universal bank is lawfully engaged. The Commissioner may, by rule or order, establish that certain powers shall not be considered necessary or convenient to effect the purposes for which a universal bank is organized or to further a business, activity, or operation in which a universal bank is lawfully engaged.
(June 9, 2001, D.C. Law 13-308, § 210, 48 DCR 3244.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 14 - Universal Bank Certification › Subchapter IV - Limitations, and Exceptions to Limitations, on Powers of Universal Banks › § 26–1401.14. Exceptions to limitations on investment powers of universal banks

§ 26–1401.14. Exceptions to limitations on investment powers of universal banks.
The percentage limitations in § 26-1401.13 shall not apply to, and a universal bank may invest without limitation in, any of the following:
(1) Stocks or obligations of a corporation organized for business development by the District, the United States, or a District or federal agency;
(2) Obligations of an urban renewal investment corporation organized under the laws of the District or of the United States;
(3) An equity interest in an insurance company or an insurance holding company organized to provide insurance for universal banks and for persons affiliated with universal banks to the extent that ownership of the equity interest is a prerequisite to obtaining directors’ and officers’ insurance or blanket bond insurance for the universal bank through the insurance company;
(4) Shares of stock, whether purchased or otherwise acquired, in a corporation acquiring, placing, and operating remote service units or bank communications terminals;
(5) Equity, debt securities, or debt instruments of a service corporation subsidiary of the universal bank;
(6) Advances of federal funds;
(7) Financial futures transactions, financial options transactions, forward commitments, or other financial products for the purpose of reducing, hedging, or otherwise managing the universal bank’s interest rate risk exposure; provided, that the prior written approval of the Commissioner shall be required to make the investments described in this paragraph;
(8) A subsidiary of the universal bank organized to exercise corporate fiduciary powers under this chapter;
(9) An agricultural credit corporation; provided, that the universal bank shall not own more than 80% of the stock of an agricultural credit corporation and shall not invest more than 20% of the universal bank’s capital in agricultural credit corporations;
(10) Deposit accounts or insured obligations of a financial institution, the accounts of which are insured by a deposit insurance corporation;
(11) Obligations of, or obligations that are fully guaranteed by, the United States;
(12) Stocks or obligations of any Federal Reserve Bank, Federal Home Loan Bank, the Student Loan Marketing Association, the Government National Mortgage Association, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, or the Federal Deposit Insurance Corporation; or
(13) Any other investment authorized by the Commissioner.
(June 9, 2001, D.C. Law 13-308, § 214, 48 DCR 3244.)
Section References
This section is referenced in § 26-1401.13.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 14 - Universal Bank Certification › Subchapter V - Commissioner Possession, Receivership, Conservatorship, and Liquidation of Universal Banks › § 26–1401.16. Liquidation of universal banks in general

§ 26–1401.16. Liquidation of universal banks in general.
A universal bank shall not be liquidated except as provided by this chapter or in accordance with the order of a court of competent jurisdiction.
(June 9, 2001, D.C. Law 13-308, § 216, 48 DCR 3244.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 14 - Universal Bank Certification › Subchapter V - Commissioner Possession, Receivership, Conservatorship, and Liquidation of Universal Banks › § 26–1401.18. Resumption of business by a universal bank

§ 26–1401.18. Resumption of business by a universal bank.
A universal bank of which the Commissioner takes possession or which is operating under restrictions imposed by the Commissioner may be permitted by the Commissioner to resume business in accordance with the provisions of this chapter and subject to such conditions as may be imposed by the Commissioner.
(June 9, 2001, D.C. Law 13-308, § 218, 48 DCR 3244.)
Section References
This section is referenced in § 26-1401.17.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 14 - Universal Bank Certification › Subchapter V - Commissioner Possession, Receivership, Conservatorship, and Liquidation of Universal Banks › § 26–1401.20. Receiver duties and powers

§ 26–1401.20. Receiver duties and powers.
(a) Subject to Superior Court approval, a receiver shall:
(1) Take possession of the books, records, and assets of the universal bank and collect all debts, dues, and claims belonging to the universal bank;
(2) Sue, defend, compromise, arbitrate, or otherwise settle all claims involving the universal bank;
(3) Sell all real and personal property;
(4) Exercise all fiduciary functions of the universal bank;
(5) Pay all administrative expenses of the receivership, which expenses shall be a first charge upon the assets of the universal bank and shall be fully paid before a final distribution or payment of dividends to creditors or shareholders;
(6) Pay, ratably, all debts of the universal bank; provided, that debts not exceeding $500 may be paid in full, but the holders of such debt shall not be entitled to interest on the debt;
(7) Repay, ratably, any amount paid in by a shareholder by reason of an assessment made upon the stock of the universal bank by the Department in accordance with this chapter;
(8) Pay, ratably, to the shareholders of the universal bank, in proportion to the number of shares held and owned by each, the balance of the net assets of the universal bank after payment or provision for payments as provided in this section;
(9) Have all the powers of the directors, officers, and shareholders of the universal bank as necessary to support an action taken on behalf of the universal bank; and
(10) Hold title to all the bank’s property, contracts, and rights of action.
(b) Subject to Superior Court approval, a receiver may:
(1) Borrow money as necessary or expedient in aiding the liquidation of the universal bank and secure the borrowed money by the pledge, hypothecation, or mortgage of the assets of the bank;
(2) Employ agents, legal counsel, accountants, appraisers, consultants, and other personnel, including, with the prior written approval of the Commissioner, personnel of the Department, that the receiver considers necessary or expedient to assist in the performance of the receiver’s duties; provided, that the expense of employing Department personnel shall be an administrative expense of the liquidation that shall be payable to the Department; or
(3) Exercise any other power and duty authorized by the Superior Court.
(June 9, 2001, D.C. Law 13-308, § 220, 48 DCR 3244; Oct. 19, 2002, D.C. Law 14-213, § 18(g), 49 DCR 8140.)
Section References
This section is referenced in § 26-1401.27.
Effect of Amendments
D.C. Law 14-213, in subsec. (a)(7), validated a previously made technical correction.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 14 - Universal Bank Certification › Subchapter V - Commissioner Possession, Receivership, Conservatorship, and Liquidation of Universal Banks › § 26–1401.22. Maintenance and disposal of records by receiver

§ 26–1401.22. Maintenance and disposal of records by receiver.
(a) With the approval of the Superior Court, a receiver may dispose of records of the universal bank in receivership that are obsolete and unnecessary to the continued administration of the receivership.
(b) The receiver may retain the records of the universal bank and the receivership for a period of time that the receiver considers appropriate or for a period of time as ordered by the Superior Court.
(c) The receiver may devise a method for the effective, efficient, and economical maintenance of the records of the universal bank and of the receiver’s office, including maintaining the records on any medium approved by the Superior Court.
(d) The receiver may use assets of a universal bank to:
(1) Procure services to maintain the records of a liquidated universal bank; or
(2) Pay fees, as established by the Commissioner, to the Commissioner necessary for the Commissioner to procure services to maintain the records of a liquidated universal bank.
(June 9, 2001, D.C. Law 13-308, § 222, 48 DCR 3244.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 14 - Universal Bank Certification › Subchapter V - Commissioner Possession, Receivership, Conservatorship, and Liquidation of Universal Banks › § 26–1401.23. Conservator; appointment; bond and security; qualifications; expenses

§ 26–1401.23. Conservator; appointment; bond and security; qualifications; expenses.
(a) If any of the grounds under § 26-1401.19 authorizing a request for the appointment of a receiver exist or if the Commissioner determines that it is necessary to conserve the assets of a universal bank for the benefit of the depositors, investors, or other creditors of the bank or for the benefit of the general public, the Commissioner may petition the Superior Court to appoint a conservator for a universal bank.
(b) The Department shall be reimbursed out of the assets of the conservatorship, as expenses, for all sums expended by the Department in connection with the conservatorship.
(c) All expenses of a conservatorship shall be paid out of the assets of the universal bank upon the approval of the Commissioner, shall be a first charge upon the assets of the universal bank, and shall be paid in full before a final distribution or payment of dividends to creditors or shareholders of the universal bank.
(June 9, 2001, D.C. Law 13-308, § 223, 48 DCR 3244; Oct. 26, 2001, D.C. Law 14-42, § 15, 48 DCR 7612; Mar. 2, 2007, D.C. Law 16-191, § 49, 53 DCR 6794.)
Effect of Amendments
D.C. Law 14-42 substituted “, as expenses,” for “, as expenses” in subsec. (b).
D.C. Law 16-191, in subsec. (a), validated a previously made technical correction.
Emergency Legislation
For temporary (90 day) amendment of section, see § 15 of Technical Amendments Emergency Act of 2001 (D.C. Act 14-108, August 3, 2001, 48 DCR 7622).
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 14 - Universal Bank Certification › Subchapter V - Commissioner Possession, Receivership, Conservatorship, and Liquidation of Universal Banks › § 26–1401.24. Conservator; rights, powers, and privileges

§ 26–1401.24. Conservator; rights, powers, and privileges.
(a) Subject to the supervision of the Commissioner, the conservator shall take possession of the books, records, and assets of the bank and shall take any action necessary to conserve the assets of the universal bank pending further disposition of the business of the universal bank as provided by law.
(b) Subject to Superior Court approval and under the supervision of the Commissioner, the conservator shall:
(1) Take possession of the books, records, and assets of the universal bank and collect all debts, dues, and claims belonging to the universal bank;
(2) Sue, defend, compromise, arbitrate, or otherwise settle claims involving the universal bank;
(3) Sell real and personal property if necessary to conserve the assets of the bank;
(4) Exercise all fiduciary functions of the universal bank;
(5) Pay all administrative expenses of the conservatorship, which expenses shall be a first charge upon the assets of the universal bank and shall be fully paid before a final distribution or payment of dividends to creditors or shareholders;
(6) Pay the debts of the universal bank if the conservator determines that payment of the debts is in the best interests of the universal bank;
(7) Have all the powers of the directors, officers, and shareholders of the universal bank as necessary to support an action taken on behalf of the universal bank; and
(8) Hold title to all the bank’s property, contracts, and rights of action.
(c) Subject to Superior Court approval and under the supervision of the Commissioner the conservator may:
(1) Employ agents, legal counsel, accountants, appraisers, consultants, and other personnel, including, with the prior written approval of the Commissioner, personnel of the Department, that the conservator considers necessary or expedient to assist in the performance of the conservator’s duties; provided, that the expense of employing Department personnel shall be an administrative expense of the liquidation that shall be payable to the Department; or
(2) Exercise any other power and duty authorized by the Superior Court.
(d) Unless otherwise provided by law, a conservator, other than a conservator who is an employee of the Department and acting in his or her official capacity, shall post a bond in an amount to be determined by the Superior Court.
(e) The conservator shall, on a regular basis, report to the Commissioner regarding all matters involving the conservatorship.
(June 9, 2001, D.C. Law 13-308, § 224, 48 DCR 3244.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 14 - Universal Bank Certification › Subchapter V - Commissioner Possession, Receivership, Conservatorship, and Liquidation of Universal Banks › § 26–1401.25. Deposits received while universal bank in conservatorship

§ 26–1401.25. Deposits received while universal bank in conservatorship.
(a) While a universal bank is in conservatorship, the Commissioner may require the conservator to set aside and make available for withdrawal by depositors or investors and payment to other creditors, ratably, amounts that the Commissioner determines may be used safely and soundly for such withdrawals and payments.
(b) The Commissioner may permit the conservator to receive deposits.
(c) Deposits received while the universal bank is in conservatorship shall not be subject to any limitation on payment or withdrawal. The deposits, and any new assets acquired on account of the deposits, shall be segregated and held for the new deposits and shall not be used to liquidate any indebtedness of the universal bank:
(1) Existing at the time that a conservator was appointed for the universal bank; or
(2) Incurred after a conservator was appointed and was incurred for the purpose of liquidating any indebtedness of the universal bank existing at the time that the conservator was appointed.
(d) Deposits received while the universal bank is in conservatorship shall be kept in cash, invested in direct obligations of the United States, or deposited in depository institutions designated by the Commissioner.
(e) The requirements of subsections (c) and (d) of this section shall remain in effect for 15 days following the date that the conservator returns control of the universal bank to its board of directors, or for such shorter period as the Commissioner may designate.
(f) Before returning control of the universal bank to its board of directors, the conservator shall publish a notice in a paper of general circulation in the District of Columbia in a form approved by the Commissioner, stating the date on which the affairs of the universal bank will be returned to its board of directors and that the provisions of subsection (c) or (d) of this section will not be in effect after 15 days from that date. The conservator shall send a copy of the notice described in the previous sentence to each person who deposited money in the universal bank after the appointment of the conservator and before the time when control of the universal bank is returned to the board of directors.
(June 9, 2001, D.C. Law 13-308, § 225, 48 DCR 3244.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 14 - Universal Bank Certification › Subchapter V - Commissioner Possession, Receivership, Conservatorship, and Liquidation of Universal Banks › § 26–1401.26. Authority of conservator to borrow money; purpose

§ 26–1401.26. Authority of conservator to borrow money; purpose.
(a) With the prior approval of the Commissioner, the conservator of a universal bank may borrow money to aid in the operation, reorganization, or liquidation of the bank, including the payment of liquidating dividends.
(b) With the prior approval of the Commissioner, the conservator may secure money borrowed under subsection (a) of this section by the pledge, hypothecation, or mortgage of the assets of the universal bank.
(June 9, 2001, D.C. Law 13-308, § 226, 48 DCR 3244.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 14 - Universal Bank Certification › Subchapter V - Commissioner Possession, Receivership, Conservatorship, and Liquidation of Universal Banks › § 26–1401.27. Termination of conservatorship

§ 26–1401.27. Termination of conservatorship.
(a) If the Commissioner determines that termination of the conservatorship and resumption of the transaction of the universal bank’s business by the universal bank can be achieved and maintained in a safe and sound manner and is otherwise in the public interest, the Commissioner may petition the Superior Court to terminate a conservatorship and permit the universal bank to resume the transaction of its business, subject to terms, conditions, restrictions, and limitations as the Commissioner determines are appropriate.
(b) If the Superior Court determines that reasons for the conservatorship no longer exist, the Superior Court may dissolve the conservatorship and terminate any pending proceedings.
(c) If the Commissioner determines that it would be in the public interest, the Commissioner may petition the Superior Court for termination of a conservatorship and appointment of a receiver for the universal bank under § 26-1401.20.
(June 9, 2001, D.C. Law 13-308, § 227, 48 DCR 3244.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 14 - Universal Bank Certification › Subchapter VI - Miscellaneous Provisions › § 26–1401.28. Articles of incorporation and bylaws

§ 26–1401.28. Articles of incorporation and bylaws.
A universal bank may operate under the articles of incorporation and bylaws which were in effect before the universal bank’s certification as a universal bank or under subsequently amended articles of incorporation and bylaws which are consistent with the provisions and purposes of this chapter.
(June 9, 2001, D.C. Law 13-308, § 228, 48 DCR 3244.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 14 - Universal Bank Certification › Subchapter VI - Miscellaneous Provisions › § 26–1401.29. Acquisitions, mergers and asset purchases

§ 26–1401.29. Acquisitions, mergers and asset purchases.
(a) A universal bank may purchase the assets of, merge with, acquire, or be acquired by, a financial institution, or the holding company of a financial institution, only after a written application to the Commissioner and the written approval of the application by the Commissioner.
(b) An application for approval of the Commissioner under subsection (a) of this section shall be submitted on a form, and accompanied by a fee, prescribed by the Commissioner. In reviewing and approving or disapproving an application under this section, the Commissioner shall apply the standards required by the District of Columbia Banking Code, including the applicant’s general plan of business, proposed plan of capital investment in the District, and community development program.
(June 9, 2001, D.C. Law 13-308, § 229, 48 DCR 3244.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 14 - Universal Bank Certification › Subchapter VI - Miscellaneous Provisions › § 26–1401.30. Fees

§ 26–1401.30. Fees.
The Commissioner may establish fees for the filing of documents, the processing of applications, and other services provided by the Commissioner or the Department under this chapter.
(June 9, 2001, D.C. Law 13-308, § 230, 48 DCR 3244.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 14 - Universal Bank Certification › Subchapter VI - Miscellaneous Provisions › § 26–1401.31. Rulemaking

§ 26–1401.31. Rulemaking.
The Commissioner may prescribe rules governing the activities of universal banks and implementing this chapter, pursuant to subchapter I of Chapter 5 of Title 2.
(June 9, 2001, D.C. Law 13-308, § 231, 48 DCR 3244.)
2023 District of Columbia Code › Title 27 - Merchant’s Civil Recovery for Criminal Conduct › Chapter 1 - Merchant’s Civil Recovery for Criminal Conduct › § 27–101. Definitions

§ 27–101. Definitions.
For purposes of this subchapter, the term:
(1) “Fraud” shall have the same meaning as that term is used in § 22-3221.
(2) “Juvenile” means a person under 18 years of age.
(3) “Merchant” means a person who does or would sell, lease, or transfer, either directly or indirectly, consumer goods or services, or a person who does or would supply the goods or services which are or would be the subject matter of a trade practice.
(4) “Shoplifting” shall have the same meaning as that term has in § 22-3213(a).
(5) “Theft” shall have the same meaning as that term is used in § 22-3211.
(May 16, 1992, D.C. Law 9-98, § 2, 39 DCR 678.)
Prior Codifications
1981 Ed., § 3-441.
Emergency Legislation
For temporary addition of chapter, see §§ 2-7 of the Merchant’s Civil Recovery for Criminal Conduct Emergency Act of 1991 (D.C. Act 9-110, November 25, 1991, 38 DCR 7304).
For temporary addition of chapter, see §§ 2-7 of the Merchant’s Civil Recovery for Criminal Conduct Congressional Recess Emergency Act of 1992 (D.C. Act 9-155, February 21, 1992, 39 DCR 1354).
For temporary addition of section, see § 2 of the Merchant’s Civil Recovery for Criminal Conduct Emergency Amendment Act of 1992 (D.C. Act 9-205, May 14, 1992, 39 DCR 3649).
Temporary Legislation
Temporary addition of chapter: D.C. Law 9-97 enacted this chapter.
Section 8(b) of D.C. Law 9-97 provided that the act shall expire on the 225th day of its having taken effect or upon the effective date of the Merchant’s Civil Recovery for Criminal Conduct of 1991, whichever occurs first.
Editor's Notes
Because of the codification of D.C. Law 20-34 as subchapter II of this chapter, the preexisting text, §§ 27-101 through 27-106, has been designated as subchapter I; and “subchapter” has been substituted for “chapter” in the introductory language of this section.
2023 District of Columbia Code › Title 27 - Merchant’s Civil Recovery for Criminal Conduct › Chapter 1 - Merchant’s Civil Recovery for Criminal Conduct › § 27–102. Liability and damages

§ 27–102. Liability and damages.
(a) Anyone who commits an offense of fraud, shoplifting, or theft from a merchant shall be civilly liable to the merchant for treble the amount of actual damages; and
(1) The retail value of any goods or merchandise stolen if the goods or merchandise are not recovered;
(2) The loss of value of the goods or merchandise stolen if the goods or merchandise are recovered; or
(3) A minimum of $50 in damages, whichever is greater.
(b) The parent or guardian shall be liable for any acts or offenses committed by a juvenile under this subchapter.
(May 16, 1992, D.C. Law 9-98, § 3, 39 DCR 678.)
Prior Codifications
1981 Ed., § 3-442.
Emergency Legislation
For temporary addition of chapter, see §§ 2-7 of the Merchant’s Civil Recovery for Criminal Conduct Emergency Act of 1991 (D.C. Act 9-110, November 25, 1991, 38 DCR 7304).
For temporary addition of chapter, see §§ 2-7 of the Merchant’s Civil Recovery for Criminal Conduct Congressional Recess Emergency Act of 1992 (D.C. Act 9-155, February 21, 1992, 39 DCR 1354).
Temporary Legislation
See note to § 27-101.
Editor's Notes
Because of the codification of D.C. Law 20-34 as subchapter II of this chapter, and the designation of the preexisting text of Chapter 1 as subchapter I, “subchapter” has been substituted for “chapter”, where applicable, in this section.
2023 District of Columbia Code › Title 27 - Merchant’s Civil Recovery for Criminal Conduct › Chapter 1 - Merchant’s Civil Recovery for Criminal Conduct › § 27–103. Criminal proceedings

§ 27–103. Criminal proceedings.
(a) The recovery of damages from the alleged offender shall not prohibit criminal prosecution of the alleged offender.
(b) The recovery of civil damages by a merchant or a finding of liability under this subchapter shall not be admissible in a criminal proceeding.
(c) A conviction or plea of guilty of fraud, shoplifting, or theft is not a prerequisite to the maintenance of a civil action authorized by this subchapter.
(May 16, 1992, D.C. Law 9-98, § 4, 39 DCR 678; July 22, 1992, D.C. Law 9-132, § 4(a), 39 DCR 4058; Sept. 29, 1992, D.C. Law 9-163, § 5(a), 39 DCR 5705.)
Prior Codifications
1981 Ed., § 3-443.
Emergency Legislation
For temporary addition of chapter, see §§ 2-7 of the Merchant’s Civil Recovery for Criminal Conduct Emergency Act of 1991 (D.C. Act 9-110, November 25, 1991, 38 DCR 7304).
For temporary addition of chapter, see §§ 2-7 of the Merchant’s Civil Recovery for Criminal Conduct Congressional Recess Emergency Act of 1992 (D.C. Act 9-155, February 21, 1992, 39 DCR 1354).
Temporary Legislation
For D.C. Law 9-97, see note to § 27-101.
Section 4(a) of D.C. Law 9-132 in (a) inserted “not”.
Section 5(b) of D.C. Law 9-132 provided that the act shall expire on the 225th day of its having taken effect.
Editor's Notes
Because of the codification of D.C. Law 20-34 as subchapter II of this chapter, and the designation of the preexisting text of Chapter 1 as subchapter I, “subchapter” has been substituted for “chapter”, where applicable, in this section.
2023 District of Columbia Code › Title 27 - Merchant’s Civil Recovery for Criminal Conduct › Chapter 1 - Merchant’s Civil Recovery for Criminal Conduct › § 27–104. Merchant’s options

§ 27–104. Merchant’s options.
(a) A merchant who suffers damages as a result of fraud, shoplifting, or theft, may recover the damages by submitting written demand to the alleged offender or the parent or guardian of a juvenile alleged offender.
(b) The written demand shall:
(1) Be delivered or mailed to the alleged offender, or parent or guardian of a juvenile alleged offender, at least 30 days prior to the filing of any suit for damages;
(2) Specify the alleged criminal conduct and the damages incurred as a result of the conduct;
(3) Specify the amount which the merchant is entitled to receive under this subchapter and that if payment of this amount is made in accordance with the written demand or the terms of a written agreement between the merchant and the alleged offender or the parent or guardian of the juvenile alleged offender, within 30 days of the date of service of the demand, the merchant may bring suit for damages; and
(4) Specify that if payment of the specified amount is not made, an agreement of payments is not reached, or payments are not made in accordance with the terms of an agreement, within 30 days of the date of service of the demand, the merchant may bring a suit for damages.
(c) When the merchant receives payment of the specified amount or payment in accordance with the agreement for payments, the merchant shall deliver or mail an acknowledgement of payment letter to the alleged offender within 5 business days of receipt of payment.
(May 16, 1992, D.C. Law 9-98, § 5, 39 DCR 678; July 22, 1992, D.C. Law 9-132, § 4(b), (c), 39 DCR 4058; Sept. 29, 1992, D.C. Law 9-163, § 5(b)-(d), 39 DCR 5705.)
Prior Codifications
1981 Ed., § 3-444.
Emergency Legislation
For temporary addition of chapter, see §§ 2-7 of the Merchant’s Civil Recovery for Criminal Conduct Emergency Act of 1991 (D.C. Act 9-110, November 25, 1991, 38 DCR 7304).
For temporary addition of chapter, see §§ 2-7 of the Merchant’s Civil Recovery for Criminal Conduct Congressional Recess Emergency Act of 1992 (D.C. Act 9-155, February 21, 1992, 39 DCR 1354).
Temporary Legislation
For D.C. Law 9-97, see note to § 27-101.
Section 4(c) of D.C. Law 9-132 added (b)(4).
Section 5(b) of D.C. Law 9-132 provided that the act shall expire on the 225th day of its having taken effect.
Editor's Notes
Because of the codification of D.C. Law 20-34 as subchapter II of this chapter, and the designation of the preexisting text of Chapter 1 as subchapter I, “subchapter” has been substituted for “chapter”, where applicable, in this section.
2023 District of Columbia Code › Title 27 - Merchant’s Civil Recovery for Criminal Conduct › Chapter 1 - Merchant’s Civil Recovery for Criminal Conduct › § 27–105. Jurisdiction

§ 27–105. Jurisdiction.
A suit for damages and penalties may be brought in the Superior Court of the District of Columbia.
(May 16, 1992, D.C. Law 9-98, § 6, 39 DCR 678.)
Prior Codifications
1981 Ed., § 3-445.
Emergency Legislation
For temporary addition of chapter, see §§ 2-7 of the Merchant’s Civil Recovery for Criminal Conduct Emergency Act of 1991 (D.C. Act 9-110, November 25, 1991, 38 DCR 7304).
For temporary addition of chapter, see §§ 2-7 of the Merchant’s Civil Recovery for Criminal Conduct Congressional Recess Emergency Act of 1992 (D.C. Act 9-155, February 21, 1992, 39 DCR 1354).
Temporary Legislation
See note to § 27-101.
2023 District of Columbia Code › Title 27 - Merchant’s Civil Recovery for Criminal Conduct › Chapter 1 - Merchant’s Civil Recovery for Criminal Conduct › § 27–106. Attorney’s fees

§ 27–106. Attorney’s fees.
Attorneys’ fees and costs shall be awarded under this subchapter without regard to ability to pay.
(May 16, 1992, D.C. Law 9-98, § 7, 39 DCR 678.)
Prior Codifications
1981 Ed., § 3-446.
Emergency Legislation
For temporary addition of chapter, see §§ 2-7 of the Merchant’s Civil Recovery for Criminal Conduct Emergency Act of 1991 (D.C. Act 9-110, November 25, 1991, 38 DCR 7304).
For temporary addition of chapter, see §§ 2-7 of the Merchant’s Civil Recovery for Criminal Conduct Congressional Recess Emergency Act of 1992 (D.C. Act 9-155, February 21, 1992, 39 DCR 1354).
Temporary Legislation
See note to § 27-101.
Editor's Notes
Because of the codification of D.C. Law 20-34 as subchapter II of this chapter, and the designation of the preexisting text of Chapter 1 as subchapter I, “subchapter” has been substituted for “chapter”, where applicable, in this section.