Section 26-C304. LIMITATION ON POWERS OF DISTRICT BRANCHES AND AGENCIES OF FOREIGN BANKS

 

304.1No foreign bank shall transact business in the District except at an agency or branch office authorized under these rules to transact such business. This limitation shall not be deemed to prohibit:

 

(a)Any foreign bank which maintains a federal agency or federal branch in the District from transacting at such federal agency or federal branch such business as it may be authorized to transact under applicable federal laws and regulations;

 

(b)Any foreign bank which does not maintain an agency or branch office from making in the District loans secured by liens on real property located in the District; or

 

(c)Any foreign bank which does not maintain an agency or branch office from transacting trust business under the D.C. Official Code.

 

304.2For purposes of this section, no foreign bank shall be deemed to be transacting business in the District merely because a majority-owned subsidiary transacts business in the District.

 

304.3No foreign bank shall be licensed to maintain any agency or branch office unless it is qualified to transact business in the District under subsection 201.2 of these rules.

 

304.4No foreign bank shall be licensed to maintain a retail branch office unless the deposits in such office are insured by the Federal Deposit Insurance Corporation in accordance with the provisions of the Federal Deposit Insurance Act.

 

source

Final Rulemaking published at 35 DCR 6276, 6291-6292 (August 19, 1988).