Code of the District of Columbia

§ 26–104. Liability of shareholders — Individual responsibility; applicable federal provisions.

(a) The shareholders, on March 4, 1933, of every savings bank or savings company other than building associations organized under authority of any act of Congress to do business in the District of Columbia, and of every banking institution organized by virtue of the laws of any of the states of this Union to do or doing a banking business in the District of Columbia, shall be held individually responsible, equally and ratably, and not one for another for all contracts, debts, and engagements of such savings bank, savings company, or banking institution, entered into or incurred subsequent to March 4, 1933, to the extent of the amount of their stock therein at the par value thereof, in addition to the amount invested in such shares. The words “entered into or incurred” as used in this section, shall be held to include any extension or renewal of any contracts, debt, and engagement renewed or extended after March 4, 1933.

(b) The provisions of §§ 55, 62, 65 [repealed], 67, 191 to 194, 197, and 198 to 200 of Title 12, United States Code, are extended to apply to any bank, savings bank, or trust company organized, hereafter organized, or doing a banking business in the District of Columbia and to the shareholders of such institutions, except as limited by the provisions of subsection (a) of this section; provided, however, that the provisions of § 26-101 shall not be construed to be repealed by this section but shall have application to the banks, savings banks, savings companies, other than building associations, and trust companies embraced within this section; provided, further, that the District of Columbia Regional Interstate Banking Act of 1985 [D.C. Law 6-107] Amendments Act of 1985 shall apply to banks which are not national banks.

(c) That portion of § 1348 of Title 28, United States Code, as amended, applying to suits against national banking associations shall be extended and shall apply to all actions arising under the provisions of this section.


(Mar. 4, 1933, 47 Stat. 1566, ch. 274, § 4; Feb. 16, 1934, 48 Stat. 352, ch. 14, § 1; Nov. 23, 1985, D.C. Law 6-63, § 106(c)(1); as added Apr. 11, 1986, D.C. Law 6-107, § 2(k), 33 DCR 1168.)

Prior Codifications

1981 Ed., § 26-104.

1973 Ed., § 26-104.

Section References

This section is referenced in § 26-105 and § 26-710.

References in Text

Section 65 of Title 12, United States Code, referred to in subsection (b) of this section, was repealed by the Act of Sept. 8, 1959, 73 Stat. 457, Pub. L. 86-230, § 8.

The “District of Columbia Regional Interstate Banking Act of 1985 Amendments Act of 1985,” referred to in subsection (b), is D.C. Law 6-107.