D.C. Mun. Regs. tit. 26, r. 26-C303

Current through Register Vol. 71, No. 50, December 13, 2024

Rule 26-C303 - BASIC POWERS BESTOWED BY SAVINGS AND LOAN CHARTER

303.1

A District savings and loan association's charter shall authorize the District savings & loan association, without further approval, to exercise the following powers:

(a) To accept deposits that the depositor has a legal right to withdraw on demand only from a person with which it has a business, commercial, or agricultural loan relationship as are authorized by its charter and bylaws;

(b) To accept savings and time deposits; and

(c) To make loans and other investments consistent with the provisions of section 5(d)(1) of the Home Owners' Loan Act of 1933, as amended (12 U.S.C. § 1464(c)(1) ).

D.C. Mun. Regs. tit. 26, r. 26-C303

Final Rulemaking published at 35 DCR 6276, 6291 (August 19, 1988)