Section 47-351.13 - Protection of District funds at risk(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.Mar. 18, 1998, D.C. Law 12-56, § 2(c), 44 DCR 6933.