An applicant that is chartered as a merchant bank under this chapter may elect to terminate its charter by giving 60 days prior written notice of the termination to the Commissioner. A termination under this section shall be effective only with the written approval of the Commissioner. An applicant shall, as a condition to a termination under this section, terminate its exercise of all powers granted under this chapter before the termination of the certification. The Commissioner’s written approval of a applicant’s termination under this section shall be void if the applicant fails to satisfy the condition to termination under this section.
(June 9, 2001, D.C. Law 13-308, § 306, 48 DCR 3244.)