Resulting National Bank. Conversion of Territorial Bank to National Bank

Nothing in the laws of Guam shall restrict the rights of a territorial bank to convert into a resulting national bank. The action to be taken by such converting territorial bank and its rights and liabilities and those of its stockholders shall be the same as those prescribed for national banks at the time of the action by the laws of the United States and not by the law of Guam, except that an affirmative vote of the holders of a simple majority of each class of voting stock of a territorial bank shall be required for such conversion, that upon conversion by a territorial bank into a national bank, the rights of dissenting shareholders shall be those specified in § 106309. SOURCE: GC § 30601. Repealed and reenacted by P.L. 24-035:7 (May 29, 1997).