§ 26-831.20. Authority of conservator to borrow money; purpose.

Current through October 23, 2012

(a) With the prior approval of the Commissioner, the conservator of a merchant bank may borrow money to aid in the operation, reorganization, or liquidation of the bank, including the payment of liquidating dividends.

(b) With the prior approval of the Commissioner, the conservator may secure money borrowed under subsection (a) of this section by the pledge, hypothecation, or mortgage of the assets of the merchant bank.

                
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(June 9, 2001, D.C. Law 13-308, § 320, 48 DCR 3244.)

HISTORICAL AND STATUTORY NOTES

Legislative History of Laws

For Law 13-308, see notes following § 26-833.01.