D.C. Mun. Regs. tit. 26, r. 26-C202

Current through Register Vol. 71, No. 52, December 27, 2024
Rule 26-C202 - APPLICATIONS FOR DEPOSIT-TAKING CHARTERS
202.1

Any 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.

202.2

The 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.

202.3

Any person wishing to organize and establish in the District, pursuant to D.C. Official Code §§ 26-201etseq., 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]

202.5

The 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.

202.6

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

D.C. Mun. Regs. tit. 26, r. 26-C202

Final Rulemaking published at 35 DCR 6276, 6280 (August 19, 1988)
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the requirement that the Council of the District of Columbia approve applications for Deposit Taking Charters was repealed.