District Of Columbia § 26-1105 - Acquisition of control; application.
Full text of District Of Columbia D.C. Code § 26-1105 — Acquisition of control; application., with citation guidance and answers to common questions.
§ 26-1105. Acquisition of control; application.
26-1105Except as provided in this section, no person shall acquire directly or indirectly 25% or more of the voting shares of a corporation or 25% of the ownership of any other entity licensed to conduct business under this chapter unless such person first:
Files an application with the Superintendent [Commissioner] in such form as the Superintendent [Commissioner] may prescribe from time to time;
Delivers such other information to the Superintendent [Commissioner] as the Superintendent [Commissioner] may require concerning the financial responsibility, background, experience, and activities of the applicant, its directors, officers, principals, and members, and of any proposed new directors, officers, principals, or members of the licensee; and
Pays such application fee as the Superintendent [Commissioner] may prescribe.
Upon the filing and investigation of an application, the Superintendent [Commissioner] shall permit the applicant to acquire the interest in the licensee if it finds that the applicant, its members if applicable, its directors, officers, and principals and any proposed new directors, members, officers, and principals have the financial responsibility, character, reputation, experience and general fitness to warrant the belief that the business will be operated efficiently and fairly, in the public interest, and in accordance with the law. The Superintendent [Commissioner] shall grant or deny the application within 60 days after the date a completed application accompanied by the required fee is filed unless the period is extended by order of the Superintendent [Commissioner] reciting the reasons for the extension. If the application is denied, the Superintendent [Commissioner] shall notify the applicant of the denial and the reasons for the denial.
The provisions of this section shall not apply to:
The acquisition of an interest in a licensee directly or indirectly, including an acquisition by merger or consolidation by or with a person licensed by this chapter or a person exempt from this chapter;
The acquisition of an interest in a licensee directly or indirectly, including an acquisition by merger or consolidation by or with a person affiliated through common ownership with the licensee; or
The acquisition of an interest in a licensee by a person by bequest, descent, survivorship, or operation of law.
The person acquiring an interest in a licensee in a transaction which is exempt from filing an application pursuant to subsection (c) of this section shall send written notice to the Superintendent [Commissioner] of such acquisition within 10 days after the closing of such acquisition.
Annotations
Source: official District Of Columbia text · Last verified 2026-08-27
Frequently Asked Questions About District Of Columbia § 26-1105
What does D.C. Code § 26-1105 cover?
Section 26-1105 ("Acquisition of control; application.") is part of the D.C. Code, the codified statutory law of District Of Columbia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite District Of Columbia § 26-1105?
A common citation format is "D.C. Code § 26-1105" (District Of Columbia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of District Of Columbia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the District Of Columbia official source linked on this page or consult a licensed District Of Columbia attorney.
How does District Of Columbia § 26-1105 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in District Of Columbia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in District Of Columbia.