§ 26-101. Supervision by Comptroller of Currency--Required reports; power to take possession of bank or company.
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Current through October 23, 2012
Except as provided in the District of Columbia Regional Interstate Banking Act of 1985 Amendments Act of 1985, all savings banks, or savings companies, or trust companies, or other banking institutions, organized under authority of any act of Congress to do business in the District of Columbia, or organized by virtue of the laws of any of the states of this Union, and having an office or banking house located within the District of Columbia where deposits or savings are received, shall be, and are hereby, required to make to the Comptroller of the Currency and to publish all the reports which national banking associations are required to make and publish under the provisions of §§ 161, 163, and 164 of Title 12, United States Code, and shall be subject to the same penalties for failure to make such reports as are therein provided, which penalties may be collected by suit before the United States District Court for the District of Columbia. And the Comptroller shall have power, when in his opinion it is necessary, to take possession of any such bank or company, for the reasons and in the manner and to the same extent as are provided in the laws of the United States with respect to national banks; provided, however, the banking institutions having office or banking houses in foreign countries as well as in the District of Columbia shall only be required to make and publish the reports provided for in this section semiannually; and provided further, that all publications authorized or required by § 161 of Title 12, United States Code, and all other publications authorized or required by existing law to be made in the District of Columbia, shall be printed in 1 or more daily newspapers of general circulation, published in the City of Washington.
(Mar. 3, 1901, 31 Stat. 1189, ch. 854, § 713; June 30, 1902, 32 Stat. 534, ch. 1329; June 25, 1906, 34 Stat. 458, ch. 3533; Mar. 4, 1933, 47 Stat. 1566, ch. 274, § 2; June 25, 1936, 49 Stat. 1921, ch. 804; June 25, 1948, 62 Stat. 991, ch. 646, § 32(b); May 24, 1949, 63 Stat. 107, ch. 139, § 127; Nov. 23, 1985, D.C. Law 6-63, § 106(a)(4), as added Apr. 11, 1986, D.C. Law 6-107, § 2(k), 33 DCR 1168.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 26-101.
1973 Ed., § 26-101.
Legislative History of Laws
Law 6-107, the "District of Columbia Regional Interstate Banking Act of 1985," was introduced in Council and assigned Bill No. 6-276, which was referred to the Committee on Housing and Economic Development. The Bill was adopted on first and second readings on January 14, 1986 and January 28, 1986, respectively. Signed by the Mayor on February 14, 1986, it was assigned Act No. 6-136 and transmitted to both Houses of Congress for its review.
References in Text
The "District of Columbia Regional Interstate Banking Act of 1985 Amendments Act of 1985," referred to near the beginning of the section, is D.C. Law 6-107.
Section 163 of Title 12, United States Code, referred to near the middle of the first sentence of this section, was repealed by the Act of Sept. 8, 1959, 73 Stat. 466, Pub. L. 86-230, § 22(a).
Transfer of Functions
Pursuant to Reorganization Plan No. 3 of 1992, effective January 20, 1993, unless another date was designated by the Mayor under SeC. V of the Plan, the D.C. Office of Banking and Financial Institutions ("OBFI") is hereby transferred from the Deputy Mayor for Economic Development ("DMED") control center to a separate OBFI control center/responsibility center. OBFI will continue to be administered by the Superintendent and will remain a part of the economic development cluster reporting to the Mayor.
