Section 26-C202. APPLICATIONS FOR DEPOSIT-TAKING CHARTERS

 

202.1Any person wishing to organize a bank in the District, other than a national bank, where deposits or savings are received or who wishes to convert from a national bank charter to a District bank charter, shall obtain, pursuant to D.C. Official Code Title 29, a Certificate of Incorporation and shall file with the Commissioner Form 2. A recommendation from the Commissioner and approval of the Council must be obtained before commencing business.

 

202.2The recommendation of the Commissioner required by subsection 202.1 shall be obtained before any action by the Council and shall be in addition to any approvals required by federal law.

 

202.3Any person wishing to organize and establish in the District, pursuant to D.C. Official Code §§ 26-201 et seq., a savings and loan association doing a thrift business shall file with the Commissioner Form 2, and obtain a recommendation of the Commissioner and approval of the Council before commencing business.

 

202.4[RESERVED]

 

202.5The recommendation of the Commissioner required by subsection 202.3 of these rules shall be obtained before any action by the Council and shall be in addition to any approvals required by federal law.

 

202.6The application for a charter shall be in addition to the application required by section 201 of these rules.

 

source

Final Rulemaking published at 35 DCR 6276, 6280 (August 19, 1988).

EditorNote

Pursuant to D.C. Law 17-59, the Bank Charter Modernization Amendment Act of 2007, effective December 11, 2007, (D.C. Official Code § 26-704) the requirement that the Council of the District of Columbia approve applications for Deposit Taking Charters was repealed.