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The DC Code: § 47-351.13 Protection of District funds at risk.

Index47 Taxation, Licensing, Permits, Assessments, and Fees. (Refs & Annos)
a
The Mayor, or the CFO pursuant to § 47-351.02(c), may take the action provided for in subsection (b) of this section to protect District funds if:
1
A financial institution fails to return a deposit upon demand or upon the termination of or pursuant to the terms of an agreement;
2
A financial institution fails to pay a valid check, draft, or warrant issued by the Mayor, or the CFO pursuant to § 47-351.02(c);
3
A financial institution fails to honor a request for the electronic transfer of District funds;
4
A financial institution fails to account for a check, draft, warrant, order, deposit, certificate, or money that the District entrusts to it;
5
A financial institution fails to return an investment under the terms of an agreement or upon the termination of an agreement;
6
A financial institution fails to perform under the terms of an agreement involving banking business;
7
A financial institution fails to maintain the required collateral pursuant to § 47-351.08;
8
A court or a federal, District, or state banking regulator orders a financial institution to refrain from making payments on its liabilities;
9
A court or a federal, District, or state banking regulator appoints a conservator or receiver for the financial institution;
10
The Mayor, or the CFO pursuant to § 47-351.02(c), determines that the financial institution is financially unsound;
11
A financial institution fails to comply with this subchapter; or
12
Any other action has occurred or is impending which the Mayor, or the CFO pursuant to § 47-351.02(c), decides would place District funds in jeopardy.
b
If the Mayor, or the CFO pursuant to § 47-351.02(c), determines that any condition under subsection (a) of this section exists, the Mayor, or the CFO pursuant to § 47-351.02(c), may, without any further action:
1
Withdraw or demand the return of District funds immediately;
2
Take action to seize all collateral provided under section 9;
3
Liquidate collateral and retain proceeds in the amount equal to District funds held by the financial institution plus liquidation costs;
4
Direct the financial institution to immediately stop performing any financial services for the District;
5
Terminate any agreement relating to banking business;
6
Remove the financial institution from the eligible bidder's list; or
7
Take other action deemed necessary for the protection of District funds.

Historical and Statutory

Prior Codifications 1981 Ed., § 47-351.13. Emergency Act Amendments See Historical and Statutory Notes following § 47-351.01. Legislative History of Laws For legislative history of D.C. Law 12-56, see Historical and Statutory Notes following § 47-351.01. DC CODE § 47-351.13 Current through December 11, 2012

Credits

(Mar. 18, 1998, D.C. Law 12-56, § 2(c), 44 DCR 6933.)