§ 26–707.01. Insurance.

(a) Any bank or trust company established or created pursuant to this subchapter shall be required to be insured with the Federal Deposit Insurance Corporation pursuant to 12 U.S.C. § 1811 et seq.

(b) Any savings and loan association established or created pursuant to this subchapter shall be required to be insured with the Federal Savings and Loan Insurance Corporation pursuant to 12 U.S.C. § 1724 et seq. [repealed].

(Nov. 23, 1985, D.C. Law 6-63, § 8a; as added Apr. 11, 1986, D.C. Law 6-107, § 2(g), 33 DCR 1168.)

Prior Codifications

1981 Ed., § 26-807.1.

References in Text

“ 12 U.S.C. § 1724 et seq.,” referred to in (b), was repealed by Pub. L. 101-73, title IV, § 407, August 9, 1989, 103 Stat. 363.

The “Federal Savings and Loan Insurance Corporation”, referred to in (b), has been abolished. For provisions relating to the abolition of the Federal Savings and Loan Insurance Corporation and the transfer of functions, personnel and property of that agency, see §§ 401 to 406 of Pub. L. 101-73, set out as a note under 12 U.S.C. § 1437.

Editor's Notes

Because of the codification of D.C. Law 11-142 as subchapter II of Chapter 8 [subchapter II of Chapter 7, 2001 Ed.], and the designation of the preexisting text as subchapter I, “subchapter” has been substituted for “chapter” in (a) and (b).