(a) In this Section “person” means any person, firm, partnership, association, corporation, company, syndicate, estate, trust, business trust or organization of any kind or any branch or division thereof which is located within Guam. (b) A foreign banking corporation may transact in Guam the business of accepting deposits from any person who is domiciled and maintains its principal place of business within Guam if: (1) Such foreign banking corporation has complied with all of the requirements of § 106722; and (2) Such deposits may only be accepted from persons who are or were borrowers from a bank accepting the deposit, provided that the balance of any deposit account shall not exceed the larger of
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the total current indebtedness of the depositor running to the bank or the largest amount of such indebtedness outstanding on any day during the previous calendar month. (c) A foreign banking corporation may accept and hold the deposits of other bank within Guam when a correspondent relationship exists with such other banks. SOURCE: GC § 30927.1. Added by P.L. 14-074:6 (Nov. 8, 1977). 2025 NOTE: References to “Territory” omitted and/or replaced with “Guam” pursuant to 1 GCA 420.