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D.C. Code § 26-1401.26

Authority of conservator to borrow money; purpose

Known as the Universal Bank Certification Act

The act spans §§ 26–26 (31 sections).

June 9, 2001, D.C

(a) With the prior approval of the Commissioner, the conservator of a universal 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 universal bank.

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.