Title 11, Finance and Taxation

The commissioner shall have power to promulgate, and from time to time to amend, supplement and revoke in whole or in part, rules and regulations not inconsistent with this act or the laws of this territory governing procedure before the commissioner and the exercise by the commi…

The commissioner shall have power to commence and prosecute actions and proceedings to enjoin violations of this act or violations of orders or decisions of the commissioner rendered pursuant to this act, and for the enforcement of any and all civil penalties provided by this act…

If the commissioner as the result of any examination or from any report made to him or to any association doing business in this territory or its investors or any thereof, shall find that such association is violating the provisions of its articles of incorporation or charter or …

Whenever any association of whose property, business and assets the commissioner has taken possession, as aforesaid, deems itself aggrieved thereby, it may at any time within thirty days after such taking possession apply to the District Court of Guam to enjoin further proceeding…

Upon taking possession of the business, property and assets of any association, the commissioner may under his hand and official seal appoint a custodian, require from him a good and sufficient bond and place him in charge as his representative. Upon taking such possession, the c…

Whenever the Commissioner shall demand possession of the property business and assets of any association, pursuant to §124105 or § 141107 of this Act, the refusal of any officer, agent, employee or director of such association to comply with such demand shall constitute a petty m…

Upon taking possession of the property, business and assets of any association, the commissioner shall require the president and secretary of such association to, and such officers shall, make a schedule of all its property and assets and of all collateral held by it as security …

In liquidating the affairs of an association, the commissioner shall have power to collect all moneys due to, and claims of, such association and to give full receipt therefor; to release or reconvey all real or personal property pledged, hypothecated or transferred in trust as s…

The commissioner in his discretion may accept approved claims against any association in his possession for liquidation, based on investment certificates, or on shares in the case of any association in which shareholders shall have heretofore been granted the right and option by …

Corporation as Custodian, Receiver or Liquidator of Insured Associations.

to Reimbursement, After Payment of all Valid Claims, From Excess Proceeds of Liquidation. In the event the assets of any insured association are liquidated for an amount in excess of the amount required to pay all claims of investment certificates, share or account holders and ot…

Records. In making its order approving the commissioner’s final statement of the liquidation of an association, the court shall determine the amounts of COL120106 11 GCAFINANCE & TAXATION the liquidating dividends to which claimants and investors are entitled but which then remai…

All moneys collected under the provisions of this act shall be disposed of in the manner and for such purposes as shall be prescribed by law or laws. SOURCE: GC §41666.

Every order, decision, approval, certificate, permit or other official act of the commissioner provided for in Sections 113104, 113105, 113107 and 119102 of this act is subject to judicial review in accordance with law. An action or proceeding for judicial review of an order, dec…

Corporation as Custodian, Receiver or Liquidator of Insured Associations. The Federal Saving. and Loan Insurance Corporation is hereby authorized and empowered to be and act without bond as custodian, receiver or liquidator of any savings and loan association which has the insura…