(a) Whenever any Trust Company desires to discontinue its trust business, it shall do the following: (1) publish the intention of the company, once a week for three (3) consecutive weeks in a newspaper of general circulation on Guam; and (2) submit an affidavit to the Commissioner that all the obligations and indebtedness arising from its trust business and operations on Guam have been satisfactorily discharged.
COL4122017
(b) After the Trust Company has furnished proof of publication and the affidavit, and no objection to discontinue business or no proof is submitted by any claimant of an outstanding receivable or claim against the Trust Company, the Commissioner shall enter an order canceling the Trust Company=s license. 2017 NOTE: Subsection/subitem designations altered pursuant to the authority of 1 GCA § 1606.