(a) Except as otherwise expressly permitted by this chapter or other applicable District or federal law, an association or savings and loan holding company that is not a District association or District savings and loan holding company or is not a regional association or regional savings and loan holding company:
(1) May not acquire a District association or savings and loan holding company; and
(2) May not acquire a regional association or regional savings and loan holding company that controls a District association or District savings and loan holding company.
(b)(1) Except as provided under paragraph (2) of this subsection, if a District association or District savings and loan holding company or regional association or regional savings and loan holding company ceases to be a District association, District savings and loan holding company, regional association, or regional savings and loan holding company, the association or savings and loan holding company shall, within 2 years, divest itself of all District associations and District savings and loan holding companies and all District branches of any other subsidiary association.
(2) A regional savings and loan holding company, regional association, District savings and loan holding company, or District association may not be required to divest its District associations, District savings and loan holding companies, or District branches if:
(A) An institution in another state, not within the region, was or is acquired pursuant to an emergency supervisory acquisition under federal law;
(B) An association having branches in a state other than within the region was or is acquired in the regular course of securing or collecting a debt previously contracted in good faith and the association or savings and loan holding company divests the association or branches acquired outside of the region within 2 years of the date of the acquisition;
(C) An increase in deposits in branches or association subsidiaries, not within the region, is the result of an occurrence other than de novo branching or the acquisition of an association or savings and loan holding company; or
(D) The change in status results from an acquisition authorized by this chapter.
(Oct. 12, 1988, D.C. Law 7-175, § 8, 35 DCR 6133.)
1981 Ed., § 26-907.
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