Unless otherwise prohibited by law or regulation, a universal bank may exercise all powers necessary or convenient to effect the purposes for which the universal bank is organized or to further a business, activity, or operation in which the universal bank is lawfully engaged. The Commissioner may, by rule or order, establish that certain powers shall not be considered necessary or convenient to effect the purposes for which a universal bank is organized or to further a business, activity, or operation in which a universal bank is lawfully engaged.
D.C. Code § 26-1401.10
Necessary or convenient powers
Known as the Universal Bank Certification Act
The act spans §§ 26–26 (31 sections).
June 9, 2001, D.C
Official source: D.C. Law Library (Council of the District of Columbia). Reproduced from public-domain District of Columbia statutes; confirm against the official source for the current text. Not legal advice.