Code of the District of Columbia

§ 26–1301. Manner of formation; purposes.

Corporations may be formed within the District of Columbia for the purposes hereinafter mentioned in the following manner: Any number of natural persons, citizens of the United States, not less than 25, may associate themselves together to form a company for the purpose of carrying on, in the District of Columbia, any 1 of the 3 classes of business herein specified, to wit: (1) a safe deposit, trust, loan, and mortgage business; (2) a title insurance, loan, and mortgage business; or (3) a security, guarantee, indemnity, loan, and mortgage business; provided, that the capital stock of any of said companies shall not be less than $1,000,000 except as otherwise provided in § 31-2502.13, and that any of said companies may also do a storage business when their capital stock amounts to the sum of not less than $1,200,000.

(Mar. 3, 1901, 31 Stat. 1303, ch. 854, § 715; Apr. 16, 1966, 80 Stat. 121, Pub. L. 89-399, § 1(b); Apr. 9, 1997, D.C. Law 11-255, § 24(a), 44 DCR 1271.)

Prior Codifications

1981 Ed., § 26-401.

1973 Ed., § 26-301.

Section References

This section is referenced in § 26-702.01, § 26-710, § 26-1304, § 26-1309, § 26-1310, and § 26-1313.

Transfer of Functions

Pursuant to Reorganization Plan No. 3 of 1992, effective January 20, 1993, unless another date was designated by the Mayor under Sec V of the Plan, the D.C. Office of Banking and Financial Institutions (“OBFI”) is hereby transferred from the Deputy Mayor for Economic Development (“DMED”) control center to a separate OBFI control center/responsibility center. OBFI will continue to be administered by the Superintendent and will remain a part of the economic development cluster reporting to the Mayor.