Penalty for Violation of Fiduciary Duty

Any member of the Board of Trustees who violates the provision of § 8139.1 and § 8143(j) of this Chapter shall be removed from the position of trustee of the retirement fund by I Maga’håga/Maga’låhi and shall be personally liable to the retirement fund to the extent of the losses incurred by the fund. The Attorney General of Guam shall enforce the provisions of this Section to hold such members personally liable. SOURCE: Added by P.L. 18-005:4 (May 28, 1985). Repealed by P.L. 26-035:IV:15 (Sept. 28, 2001). Reenacted to its prior version by P.L. 26-058:XI:10 (Nov. 20, 2001). 2025 NOTE: Reference to the “Governor” replaced with I Maga’håga/Maga’låhi pursuant to 5 GCA § 1510. The Compiler has corrected manifest errors in past publications of the GCA, including omissions of legislative history.