Locally Chartered or Territorial Bank: Additional Powers

A locally chartered bank or territorial bank operating under this Title shall, in addition to all specific powers conferred by this Title, have the following power: To exercise, notwithstanding the provisions of § 106151 of Subarticle C, Title 11, Guam Code Annotated Code and § 2106 Title 18, Guam Code Annotated, all powers necessary to qualify as a trustee or custodian under the Federal Self-Employed Individuals Tax Retirement Act of 1962, as amended, and the Employee Retirement Income Security Act of 1974; provided that any funds held in such capacity shall be invested only in a savings account or time deposit of the institution. SOURCE: GC § 30500.2, as added by P.L. 13-138:2 (Feb. 26, 1976).