(a) The Comptroller of the Currency, in addition to the powers now conferred upon him by law for the examination of national banks, is hereby further authorized, whenever he may deem it advisable, to cause examination to be made into the condition of any bank mentioned in § 26-101. The expense of such examination shall be paid in the manner provided by § 482 of Title 12, United States Code, relating to the examination of national banks.
(b) The provisions of § 84 of Title 12, United States Code, are hereby extended to apply to all banks and trust companies doing business in the District of Columbia.
(c) Each bank and trust company doing business in the District of Columbia and not a member of the Federal Reserve System shall within 6 months from March 4, 1933, establish and maintain reserves on the same basis and subject to the same conditions as may by law on March 4, 1933, or thereafter be prescribed for national banks located in the District of Columbia, except that such reserves shall be established and maintained at such agency or agencies which shall have the approval of the Comptroller of the Currency; provided, however:
(1) That the required reserves carried by such bank or trust company with an agency or agencies may, under the regulations and subject to such penalties as may be prescribed by the Comptroller of the Currency, be checked against and withdrawn by such bank or trust company for the purpose of meeting existing liabilities; and
(2) That no such bank or trust company shall at any time make new loans or shall pay any dividends unless and until the total reserves required by law shall be fully restored.
(d) After April 11, 1986, subsection (c) of this section shall not apply to banks which are not national banks.
CREDIT(S)
(Mar. 3, 1901, 31 Stat. 1303, ch. 854, § 714; June 25, 1906, 34 Stat. 458, ch. 3533; Mar. 4, 1933, 47 Stat. 1566, ch. 274, § 3; Nov. 23, 1985, D.C. Law 6-63, § 106(a)(5), as added Apr. 11, 1986, D.C. Law 6-107, § 2(k), 33 DCR 1168; Apr. 9, 1997, D.C. Law 11-255, § 22, 44 DCR 1271.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 26-102.
1973 Ed., § 26-102.
Legislative History of Laws
For legislative history of D.C. Law 6-107, see Historical and Statutory Notes following § 26-101.
Law 11-255, the “Second Technical Amendments Act of 1996,” was introduced in Council and assigned Bill No. 11-905, which was referred to the Committee of the Whole. The Bill was adopted on first and second readings on November 7, 1996, and December 3, 1996, respectively. Signed by the Mayor on December 24, 1996, it was assigned Act No. 11-519 and transmitted to both Houses of Congress for its review. D.C. Law 11-255 became effective on April 9, 1997.