Section 26-C303. BASIC POWERS BESTOWED BY SAVINGS AND LOAN CHARTER

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303.1A District savings and loan association's charter shall authorize the District savings & loan association, without further approval, to exercise the following powers:

(a)To accept deposits that the depositor has a legal right to withdraw on demand only from a person with which it has a business, commercial, or agricultural loan relationship as are authorized by its charter and bylaws;

(b)To accept savings and time deposits; and

(c)To make loans and other investments consistent with the provisions of section 5(d)(1) of the Home Owners' Loan Act of 1933, as amended (12 U.S.C. § 1464(c)(1)).

source

Final Rulemaking published at 35 DCR 6276, 6291 (August 19, 1988).

                    
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