(a) If any of the grounds under § 26-1401.19 authorizing a request for the appointment of a receiver exist or if the Commissioner determines that it is necessary to conserve the assets of a universal bank for the benefit of the depositors, investors, or other creditors of the bank or for the benefit of the general public, the Commissioner may petition the Superior Court to appoint a conservator for a universal bank.
(b) The Department shall be reimbursed out of the assets of the conservatorship, as expenses, for all sums expended by the Department in connection with the conservatorship.
(c) All expenses of a conservatorship shall be paid out of the assets of the universal bank upon the approval of the Commissioner, shall be a first charge upon the assets of the universal bank, and shall be paid in full before a final distribution or payment of dividends to creditors or shareholders of the universal bank.
(June 9, 2001, D.C. Law 13-308, § 223, 48 DCR 3244; Oct. 26, 2001, D.C. Law 14-42, § 15, 48 DCR 7612; Mar. 2, 2007, D.C. Law 16-191, § 49, 53 DCR 6794.)
D.C. Law 14-42 substituted “, as expenses,” for “, as expenses” in subsec. (b).
D.C. Law 16-191, in subsec. (a), validated a previously made technical correction.
For temporary (90 day) amendment of section, see § 15 of Technical Amendments Emergency Act of 2001 (D.C. Act 14-108, August 3, 2001, 48 DCR 7622).
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