Authorization of Appropriation and Payment of Subscription

(a) One Million Dollars ($1,000,000) are authorized to be appropriated, without fiscal year limitations, for the purchase of one thousand (1,000) shares of capital stock in the Bank; (b) I Maga’håga/Maga’låhi, on behalf of the government of Guam, shall: (1) make payment of an initial subscription to the additional capital stock of the Bank of a sum equivalent to One Hundred Thousand Dollars USD ($100,000 USD) in accordance with the terms of the Agreement; and (2) subject to appropriation by I Liheslatura, make any additional payments which may become payable under the Agreement to purchase the shares under Subitem (a) of this § 1905. SOURCE: Added as P.L. 22-148:1(e) (Dec. 29, 1994). Codified by Compiler. 2025 NOTE: Reference to the “Governor” replaced with I Maga’håga/Maga’låhi pursuant to 5 GCA § 1510. Reference to the “Legislature” replaced with I Liheslatura pursuant to 2 GCA § 1101.