(a) With the approval of the Superior Court, a receiver may dispose of records of the merchant bank in receivership that are obsolete and unnecessary to the continued administration of the receivership.
(b) The receiver may retain the records of the merchant bank and the receivership for a period of time that the receiver considers appropriate or for a period of time as ordered by the Superior Court.
(c) The receiver may devise a method for the effective, efficient, and economical maintenance of the records of the merchant bank and of the receiver’s office, including maintaining the records on any medium approved by the Superior Court.
(d) The receiver may use assets of a merchant bank to:
(1) Procure services to maintain the records of a liquidated merchant bank; or
(2) Pay fees, as established by the Commissioner, to the Commissioner necessary for the Commissioner to procure services to maintain the records of a liquidated merchant bank.
(June 9, 2001, D.C. Law 13-308, § 317, 48 DCR 3244.)
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