Title 11 — Finance and Taxation
59 chapters · 1,261 sections in this title.
11 GCA § 141101 In General
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The Savings and Loan Commissioner shall be appointed by the Governor, with the advice and consent of the Legislature, and shall hold office at the pleasure of the Governor. He shall receive such compensation as shall be prescribed or authorized by law. Before entering upon the du…
11 GCA § 141102 General Duties of Commissioner
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It shall be the duty of the commissioner to receive and place on file in his office the annual and other reports required by law to be made by associations and to make on or before the first day of May in each year a tabulated report to the Governor, showing the condition of all …
11 GCA § 141103 Examinations of Associations
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The commissioner shall periodically examine, or cause to be examined, the books, affairs and accounts of any association, or may, in lieu of making such examination, accept any examination of any such association made by the Home Loan Bank Board, a Federal home loan bank or the F…
11 GCA § 141104 Power to Issue Subpoenas
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The commissioner shall have power to issue subpoenas and require attendance of any and all officers, directors, agents, salesmen, collectors and employees of any association, and such other witnesses, including former officers, directors, agents, salesmen, collectors and employee…
11 GCA § 141105 Power to Make Rules
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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…
11 GCA § 141106 Power to Sue
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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…
11 GCA § 141107 Power to Take Possession of Association
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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 …
11 GCA § 141108 Court Application by Association Aggrieved
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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…
11 GCA § 141109 Powers Upon Taking Possession
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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…
11 GCA § 141110 Noncompliance With Orders
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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…
11 GCA § 141111 Officers Must Furnish Schedule of Property
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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 …
11 GCA § 141112 Powers Upon Liquidation
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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…
11 GCA § 141113 Other Powers Upon Liquidation
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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 …
11 GCA § 141114 Appoint of the Federal Savings and Loan Insurance
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Corporation as Custodian, Receiver or Liquidator of Insured Associations.
11 GCA § 141115 Federal Savings and Loan Insurance Corporation Entitled
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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…
11 GCA § 141116 Disposition of Unpaid or Unclaimed Dividends and of
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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…
11 GCA § 141117 Disposition of Moneys
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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.
11 GCA § 141118 Review of Acts of Commissioner
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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…
11 GCA § 14114 Appointment of the Federal Savings and Loan Insurance
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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…