06. Voluntary termination of certification. A financial institution that is certified as a universal bank under this chapter may elect to terminate its certification by giving 60 days prior written notice of the termination to the Commissioner. A termination under this section shall be effective only with the written approval of the Commissioner. A financial institution shall, as a condition to a termination under this section, terminate its exercise of all powers granted under this chapter before the termination of the certification. The Commissioner’s written approval of a financial institution’s termination under this section shall be void if the financial institution fails to satisfy the condition to termination under this section. (June 9, 2001, D.C. Law 13-308, § 206, 48 DCR 3244.)
District of Columbia Legal Code