303. BASIC POWERS BESTOWED BY SAVINGS AND LOAN CHARTER

303 BASIC POWERS BESTOWED BY SAVINGS AND LOAN CHARTER 303.1 A District savings and loan association's charter shall authorize the District savings & loan association, without further approval, to exercise the following powers: (a) To accept deposits that the depositor has a legal right to withdraw on demand only from a person with which it has a business, commercial, or agricultural loan relationship as are authorized by its charter and bylaws; (b) To accept savings and time deposits; and (c) To make loans and other investments consistent with the provisions of section 5(d)(1) of the Home Owners' Loan Act of 1933, as amended (12 U.S.C. § 1464(c)(1)). SOURCE: Final Rulemaking published at 35 DCR 6276, 6291 (August 19, 1988).