District Of Columbia § 31-3932.06 - Securities of SPFCs.
Full text of District Of Columbia D.C. Code § 31-3932.06 — Securities of SPFCs., with citation guidance and answers to common questions.
§ 31-3932.06. Securities of SPFCs.
31-3932.06An SPFC may issue securities, including surplus notes and other forms of financial instruments, subject to and in accordance with applicable law, its approved strategic business plan, and its organizational documents.
An SPFC, in connection with the issuance of securities, may enter into and perform all of its obligations under any required contracts to facilitate the issuance of such securities.
Subject to the approval of the Commissioner, an SPFC may:
Account for the proceeds of surplus notes as surplus and not as debt for purposes of statutory accounting;
Submit for prior approval of the Commissioner periodic written requests for payments of interest on and repayments of principal of surplus notes.
Surplus notes issued by an SPFC constitute surplus or contribution notes of the type described in .
The Commissioner may approve formulas for an ongoing plan of interest payments or principal repayments, or both, to provide guidance in connection with his ongoing reviews of requests to approve the payments on and principal repayments of the surplus notes.
The obligation to repay principal or interest, or both, on the securities issued by the SPFC shall reflect the risk associated with the obligations of the SPFC to the counterparty under the SPFC contract.
Annotations
Source: official District Of Columbia text · Last verified 2026-08-27
Frequently Asked Questions About District Of Columbia § 31-3932.06
What does D.C. Code § 31-3932.06 cover?
Section 31-3932.06 ("Securities of SPFCs.") 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 § 31-3932.06?
A common citation format is "D.C. Code § 31-3932.06" (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 § 31-3932.06 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.