{"data":{"id":"us-dc/d.c.-code-26-1401.24","jurisdiction":"us-dc","citation":"D.C. Code § 26-1401.24","heading":"Conservator; rights, powers, and privileges.","body":"(a)\nSubject to the supervision of the Commissioner, the conservator shall take possession of the books, records, and assets of the bank and shall take any action necessary to conserve the assets of the universal bank pending further disposition of the business of the universal bank as provided by law.\n\n(b)\nSubject to Superior Court approval and under the supervision of the Commissioner, the conservator shall:\n(1)\nTake possession of the books, records, and assets of the universal bank and collect all debts, dues, and claims belonging to the universal bank;\n(2)\nSue, defend, compromise, arbitrate, or otherwise settle claims involving the universal bank;\n(3)\nSell real and personal property if necessary to conserve the assets of the bank;\n(4)\nExercise all fiduciary functions of the universal bank;\n(5)\nPay all administrative expenses of the conservatorship, which expenses shall be a first charge upon the assets of the universal bank and shall be fully paid before a final distribution or payment of dividends to creditors or shareholders;\n(6)\nPay the debts of the universal bank if the conservator determines that payment of the debts is in the best interests of the universal bank;\n(7)\nHave all the powers of the directors, officers, and shareholders of the universal bank as necessary to support an action taken on behalf of the universal bank; and\n(8)\nHold title to all the bank’s property, contracts, and rights of action.\n\n(c)\nSubject to Superior Court approval and under the supervision of the Commissioner the conservator may:\n(1)\nEmploy agents, legal counsel, accountants, appraisers, consultants, and other personnel, including, with the prior written approval of the Commissioner, personnel of the Department, that the conservator considers necessary or expedient to assist in the performance of the conservator’s duties; provided, that the expense of employing Department personnel shall be an administrative expense of the liquidation that shall be payable to the Department; or\n(2)\nExercise any other power and duty authorized by the Superior Court.\n\n(d)\nUnless otherwise provided by law, a conservator, other than a conservator who is an employee of the Department and acting in his or her official capacity, shall post a bond in an amount to be determined by the Superior Court.\n\n(e)\nThe conservator shall, on a regular basis, report to the Commissioner regarding all matters involving the conservatorship.","path":["Title 26. Banks and Other Financial Institutions.","Chapter 14. Universal Bank Certification.","Subchapter V. Commissioner Possession, Receivership, Conservatorship, and Liquidation of Universal Banks."],"source_url":"https://code.dccouncil.gov/us/dc/council/code/sections/26-1401.24","current_through":"2026-08-20 (D.C. Law 26-175)","vintage":"","retrieved_at":"2026-08-29T05:44:07Z","sha256":"33fae5b409e1322cb7ae23878d2e03f552c9485df8fc9b0af792a26fd6ea81dd","source_id":"us-dc","stale":false,"prev":"us-dc/d.c.-code-26-1401.23","next":"us-dc/d.c.-code-26-1401.25"},"notice":"GroundRules: Original legal text. Not legal advice."}