Acquisition of Banking Premises and Equipment

(a) A bank may acquire real estate and equipment and improve real estate to be used in the transaction of its business on Guam and may rent any space so acquired in a building in excess of its present actual need; provided that unless a larger investment is authorized by the Commissioner, no banks shall invest more than the following: Investment Land, building and equipment (other than safe deposit equipment) 50% of capital Equipment alone (other than safe deposit equipment) 15% of capital Safe deposit equipment 10% of capital in addition to the above (b) The rate of depreciation of property so acquired may be prescribed by the Commissioner. SOURCE: GC § 30306. 2025 NOTE: Past publications of the GCA included subitem designations for subsection (a) and a 2013 annotation. However, the annotation and subitem designations have been omitted to avoid conflict and confusion with the original enactment by P.L. 11-129 (Apr. 10, 1972) which did not include subitem designations.