(a) Before opening an office in the District of Columbia, and annually thereafter so long as a banking office is maintained in the District of Columbia, an international banking corporation licensed under this chapter shall certify to the Commissioner the amount of its paid-in capital, its surplus, and its undivided profits, each expressed in the currency of the country of its organization. The dollar equivalent of this amount, as determined by the Commissioner, shall be considered to be the amount of its capital, surplus, and undivided profits.
(b)(1) The Commissioner shall, by regulation, prescribe the limits of drafts or bills of exchange which an international agency or branch may accept relative to the capital account of the international banking corporation. The limits shall take into account all transactions which are included and excluded in computing the lending limit for acceptances of a federal international bank office.
(2) Except to the extent they are inconsistent with this chapter, the provisions of the District of Columbia Banking Code shall apply to the loans and investments made by an international bank agency or international branch of the international banking corporation. With respect to an international banking corporation and its international bank agencies or international branches, a reference in those provisions to capital, capital account, or similar terms shall refer to the capital account of the international banking corporation, and, except when used with reference to the capital account, a reference in those provisions to the term “bank” shall refer to the international agencies and branches of the international banking corporation which are licensed in the District of Columbia.
(3) Any limitation in this chapter based on the capital account of an international banking corporation shall refer, with respect to an international agency or international branch in the District of Columbia, to the dollar equivalent of the capital account of the international banking corporation, as determined by the Commissioner. If the international banking corporation has more than one international agency or international branch in the District of Columbia, the business transacted by all agencies or branches shall be aggregated in determining compliance with a limitation or restriction.
CREDIT(S)
(Apr. 3, 2001, D.C. Law 13-268, § 10, 48 DCR 1251.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
For Law 13-268, see notes following § 26-631.