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 - This chapter may be cited as the “Universal Bank Certification...

§ 26–1401.02. Definitions - For the purposes of this chapter, the term: (1) “Affiliate”...

Subchapter II - Application and Certification as a Universal Bank

§ 26–1401.03. Application to be certified as a universal bank; review and approval or disapproval of application - (a) A financial institution may apply to be certified as...

§ 26–1401.04. Issuance of certificate of authority - If the Commissioner approves the application of a financial institution...

§ 26–1401.05. Revocation or subsequent limitation of certificate of authority - If a universal bank fails to maintain the standards and...

§ 26–1401.06. Voluntary termination of certification - A financial institution that is certified as a universal bank...

Subchapter III - Powers and Authority of Universal Banks

§ 26–1401.07. Preexisting powers of universal banks - A universal bank may exercise any power that it was...

§ 26–1401.08. Parity of powers of universal bank - (a) The Commissioner may authorize a universal bank to exercise...

§ 26–1401.09. Specific powers of universal banks - (a) Subject to applicable laws, regulations, and any required approval...

§ 26–1401.10. Necessary or convenient powers - Unless otherwise prohibited by law or regulation, a universal bank...

§ 26–1401.11. Reasonably related and incidental activities - (a) Subject to any applicable District or federal licensing or...

Subchapter IV - Limitations, and Exceptions to Limitations, on Powers of Universal Banks

§ 26–1401.12. Limitations on loan power of universal banks - (a) A universal bank shall not make loans under §...

§ 26–1401.13. Limitations on investment powers of universal bank - (a)(1) A universal bank shall not acquire an equity interest...

§ 26–1401.14. Exceptions to limitations on investment powers of universal banks - The percentage limitations in § 26-1401.13 shall not apply to,...

§ 26–1401.15. Limits on insurance and securities powers of universal banks - (a)(1) If a universal bank is permitted to engage in...

Subchapter V - Commissioner Possession, Receivership, Conservatorship, and Liquidation of Universal Banks

§ 26–1401.16. Liquidation of universal banks in general - A universal bank shall not be liquidated except as provided...

§ 26–1401.17. Commissioner taking possession of universal banks - (a) Subject to § 26-1401.15 as it relates to the...

§ 26–1401.18. Resumption of business by a universal bank - A universal bank of which the Commissioner takes possession or...

§ 26–1401.19. Appointment of a receiver for a universal bank - (a) The Commissioner may petition the Superior Court to appoint...

§ 26–1401.20. Receiver duties and powers - (a) Subject to Superior Court approval, a receiver shall: (1)...

§ 26–1401.21. Lien on property or assets; voidable transfer - (a) Except as provided in subsection (c) of this section,...

§ 26–1401.22. Maintenance and disposal of records by receiver - (a) With the approval of the Superior Court, a receiver...

§ 26–1401.23. Conservator; appointment; bond and security; qualifications; expenses - (a) If any of the grounds under § 26-1401.19 authorizing...

§ 26–1401.24. Conservator; rights, powers, and privileges - (a) Subject to the supervision of the Commissioner, the conservator...

§ 26–1401.25. Deposits received while universal bank in conservatorship - (a) While a universal bank is in conservatorship, the Commissioner...

§ 26–1401.26. Authority of conservator to borrow money; purpose - (a) With the prior approval of the Commissioner, the conservator...

§ 26–1401.27. Termination of conservatorship - (a) If the Commissioner determines that termination of the conservatorship...

Subchapter VI - Miscellaneous Provisions

§ 26–1401.28. Articles of incorporation and bylaws - A universal bank may operate under the articles of incorporation...

§ 26–1401.29. Acquisitions, mergers and asset purchases - (a) A universal bank may purchase the assets of, merge...

§ 26–1401.30. Fees - The Commissioner may establish fees for the filing of documents,...

§ 26–1401.31. Rulemaking - The Commissioner may prescribe rules governing the activities of universal...