District of Columbia Statutes
§ 26-1319 — Annual reports — Liability of directors or trustees.
District of Columbia·Title 26 Banks and Other Financial Institutions.·Ch. 13 Trust, Loan, Mortgage, Safe Deposit and Title Corporations.·Subch. I General.
If any company fails to comply with the provisions of § 26-1318 , all the directors or trustees of such company shall be jointly and severally liable for the debts of the company then existing and for all that shall be contracted before such report shall be made; provided, that in case of failure of the company in any year to comply with the provisions of § 26-1318 , and any of the directors shall, on or before January 15th of such year, file his written request for such compliance with the secretary of the company, the Superintendent of Banking and Financial Institutions [Commissioner of the Department of Insurance, Securities, and Banking], and the Recorder of Deeds of the District of Columbia, such director shall be exempt from the liability prescribed in this section.
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Legislative History
Mar. 3, 1901, 31 Stat. 1307, ch. 854, § 731; Nov. 23, 1985, D.C. Law 6-63,§ 106(a)(13); as added Apr. 11, 1986, D.C. Law 6-107, § 2(k), 33 DCR 1168
Nearby Sections
15
§ 26-1001
Definitions.§ 26-1002
License required.§ 26-1003
Exemptions.§ 26-1004
License qualifications.§ 26-1006
License application.§ 26-1007
Bond or other security device.§ 26-1008
Application fee.§ 26-1009
Issuance of license.§ 26-1011
Special reporting requirements.§ 26-1012
Changes in control of a licensee.§ 26-1013
Examinations.§ 26-1014
Maintenance of records.