District Of Columbia § 31-3510 - Investments.
Full text of District Of Columbia D.C. Code § 31-3510 — Investments., with citation guidance and answers to common questions.
§ 31-3510. Investments.
31-3510Notwithstanding any provision of [repealed], as made applicable by , and notwithstanding any other provision of this chapter:
Without the Mayor’s prior written consent, a corporation’s aggregate investments in real estate pursuant to through (F) [repealed], shall not at any time exceed 20% of the amount of the corporation’s admitted assets as reported on the corporation’s annual financial statement most recently filed with the Mayor.
A corporation’s investments in real estate pursuant to through (F) [repealed], shall in no event exceed the actual cost plus the capitalized value (less normal depreciation) of the permanent improvements.
For real estate owned by a corporation pursuant to [repealed] on April 9, 1997, the corporation may, as its option, determine admitted asset value in accordance with an appraisal most recently conducted prior to April 9, 1997; provided, that the appraisal is acceptable to the Mayor. The difference between the admitted asset value as so identified and the book value (equal to the historical cost, less the value of encumbrances and accumulated depreciation) shall be accounted for as an unrealized gain and credited to reserves and unassigned funds and shall be amortized and charged to reserves and unassigned funds. Thereafter, such real estate shall be valued, for purposes of the financial statements required by , at such appraised value, less accumulated amortization, plus the capitalized value of permanent improvements, less normal depreciation. Normal depreciation on the capitalized value of permanent improvements shall be charged as an expense in the underwriting and investment exhibit to the corporation’s annual financial statement.
A corporation shall not invest in or otherwise acquire any affiliate or subsidiary, as those terms are defined in , except in accordance with the following:
The business of the affiliate or subsidiary must be directly related to the operation of the corporation or the administration of a health benefits program.
The corporation must submit a statement of proposed action to the Mayor before the corporation:
Creates, invests in, or otherwise acquires any affiliate or subsidiary; or
Alters the legal structure, purpose, or ownership of the corporation or any affiliate or subsidiary of the corporation.
The statement of proposed action required under this subparagraph shall be filed by the corporation not less than 30 days prior to the effective date of the proposed action.
The statement of proposed action shall be deemed approved unless disapproved by the Mayor within the 30-day waiting period or any extension thereof requested by the corporation.
The corporation shall not be required to submit a statement of proposed action to the Mayor under this subparagraph when the proposed action is required to be reported to the Mayor pursuant to .
Annotations
Source: official District Of Columbia text · Last verified 2026-08-27
Frequently Asked Questions About District Of Columbia § 31-3510
What does D.C. Code § 31-3510 cover?
Section 31-3510 ("Investments.") 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 § 31-3510?
A common citation format is "D.C. Code § 31-3510" (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 § 31-3510 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.