Title 11 — Finance and Taxation

Domestic associations may be incorporated with stock, or stock and shares, or incorporated as mutual associations and with all the rights, powers and privileges and subject to all the restrictions and liabilities set forth in this Act .Domestic associations also shall have the po…

[Repealed.] SOURCE: GC §41101. Repealed by P.L. 25-17:1. COL120106 11 GCAFINANCE & TAXATION

The purposes of each domestic association hereafter incorporated, as stated in its articles of incorporation, shall include the statement that it is formed to encourage industry, frugality, home building and the accumulation of savings (and such statement shall add either among i…

Before any document changing the name of any association or setting forth the new name of any association, shall be filed with the Director of Administration, there shall be attached to said document the certificate of approval of the commissioner of the new name proposed for sai…

Any two or more domestic associations may be merged into one of such constituent associations, or consolidated into a new association, with or without any dissolution or division of the funds or property of either of them; or any domestic association may transfer its engagements,…

[Repealed.] SOURCE: GC §41105. Repealed by P.L. 27-57:15.

Before any certificate or any other document affecting or setting forth any amendment to the articles of incorporation of any domestic association shall hereafter be filed with the Director of Administration, there must be attached thereto a certificate of the commissioner approv…

Each association’s investment certificate and withdrawable share reserve shall consist of any one, or the sum of any two or more, of the following: Paid-up non-withdrawable capital, surplus, undivided profits, COL120106 11 GCAFINANCE & TAXATION loan reserve and federal insurance …

No association shall change the location of its principal office or of any branch except with the approval of the commissioner. If the proposed change is from one municipality to another the commissioner shall, and in any other case the commissioner may, hold a hearing upon the p…

Associations. Mutual Savings and Loan Associations organized and operating under this title may raise capital in the form of such savings deposits, shares or other accounts to the same extent that a federal savings and loan association doing business in this territory could raise…

An association pursuant to its articles of incorporation or by-laws and this act, may issue shares (which shall constitute the holders thereof members of such association). The holders of such shares shall have no liability for debts or assessments. SOURCE: GC §41150.

Withdrawable shares shall be of the par value of one hundred dollars ($100) or two hundred dollars ($200) each, as provided in the articles of incorporation or by-laws, and shall be paid for by the subscribers or shareholders as provided in the by-laws. Such payments may be, and …

COL120106 11 GCAFINANCE & TAXATION When any share shall have reached its matured value, payment of dues thereon shall cease. Borrowing shareholders whose loans are fully paid shall have their securities released and returned to them. Holders of free shares shall upon the presenta…

The directors may in their discretion, under the regulations prescribed by the by-laws, retire any free shares by enforcing the withdrawal thereof, but whenever the withdrawal of any shares is to be enforced, the holders thereof must be given 30 day’s notice thereof and be paid t…

Whenever any shareholder shall be six months in arrears in the payment of any installment of his dues upon free shares, the secretary may give him notice thereof in writing and a statement of his arrearage; and if he shall not pay all arrearage within two months thereafter, the a…

All shares issued by any association issuing no investment certificates and which is an insured institution as defined in Title IV of the National Housing Act shall be legal investments for the funds of executors, administrators, guardians, receivers and trustees of every kind an…

COL120106 11 GCAFINANCE & TAXATION Notwithstanding any other provision of law, savings and loan associations organized or operating under this title may exercise any and all such powers and may offer and accept any accounts or deposits that are permitted to be exercised or offere…

Guarantee stock shall be of one class, shall have a par value of not less than ten dollars ($10) per share, and the proceeds thereof to the extent of such par value shall be set apart and, except to the extent that stock shall be reduced as hereinafter provided in this Section, s…

No association shall sell, except upon a sale for a delinquent COL120106 11 GCAFINANCE & TAXATION assessment made in accordance with the provisions of Chapter 3, Title 18, Guam Code Annotated, or offer for sale, negotiate for the sale of, or take subscriptions for, or issue any o…

Guarantee stock of any Association may be legally and beneficially owned only by citizens of the United States, citizens of Palau and citizens of the Federated States of Micronesia. SOURCE: GC §41202. Amended by P.L. 23-133:1. ---------- COL120106

An association may issue investment certificates, with or without passbooks. The holders of investment certificates shall have no liability for debts or assessments, and shall be entitled upon liquidation of an association to receive payment in full before any payment or distribu…

All investment certificates issued by any association licensed by and under the direct supervision of the commissioner in accordance with the provisions of this act, shall be legal investments for the funds of executors, administrators, guardians, receivers, and trustees of every…

[Repealed.] SOURCE: GC §41252. Repealed by P.L. 12-70.

All investment certificates hereafter issued shall be subject to redemption, either in whole or part, at the option of the association at any time after the issuance thereof, by giving the holder at least thirty (30) days notice of such intended redemption; provided, however, tha…

Each association must prescribe by its by-laws, or by contract with its shareholders or certificate holders, or by both, the period of notice of intention to withdraw which such association at its option may require, which period shall be six months in the case of all shares or i…

The term matured withdrawal claims, as used in this chapter, shall include each and all of the following, to wit, (1) the value of all shares or investment certificates or parts thereof, in respect of which valid notices of intention to withdraw shall be on file, matured and unpa…

No association shall agree in advance to pay withdrawals without requiring notice of intention to withdraw or before the maturity of a notice of intention to withdraw. Except, as otherwise provided in this act in respect of shares and investment certificates pledged to the associ…

Each association on notice shall, within 24 hours after becoming an association on notice, mail to the commissioner a statement that such association is on notice; and so long as such association is on notice it shall mail to the commissioner daily or otherwise as the commissione…

COL120106 11 GCAFINANCE & TAXATION In the event the whole or any part of any matured withdrawal claim against an association shall remain unpaid for a period of, one year after such claim shall have matured, then, unless, such association shall have set aside funds for the paymen…

No association shall acquire in any manner, directly or indirectly, any investment certificates or shares issued by it except by payment of the full withdrawal value or redemption price in the manner provided in this act, or by offset of such certificates or shares as may be pled…

(a) Each stockholder shall have one (1) vote for each share of stock held by him, and each shareholder shall have such number of votes as shall bear the same ratio to one (1) as the par value of all shares held by him bears to the par value of one (1) share of stock issued by suc…

Every association shall have power pursuant to its by-laws to charge and collect a transfer fee not exceeding ten cents on each share or investment certificate, all of which fees shall be accounted for by the association like other funds of the association. No other fee, charge o…

(a) Every association, in addition to being entitled to issue shares and investment certificates to adults, firms or corporations, shall also have power to issue one or more shares investment certificates to a minor of any age and receive payments thereon by or for such minor. Su…

(a) When shares or investment certificates are issued in the name of two or more persons, whether minor or adult, as joint tenants or in form to be paid to any of them or the survivor or survivors of them, such shares or certificates and all dues paid on account thereof by either…

(a) Every association shall have power to issue shares and investment certificates to one or more persons or corporations as trustee or guardian for another or for others. The association shall not be liable to beneficiaries or wards for moneys paid to their trustees or guardians…

(a) In the case of any attachment levied upon any shares or investment certificates of any association or upon any debts owing by any association, the copy of writ and notice must be left, if such association maintains branches, with the manager or any other officer of such assoc…

Any notice which an association is required or shall desire to give to any of its investors may be given either by personal service thereof upon such investor or by mailing the same, postage prepaid, addressed to such investor at his last post office address given by such investo…

(a) No transfer or encumbrance of investment certificates or shares issued by an association shall be effective as to such association until written notice of such transfer or encumbrance shall have been given to the office of the association at which such investment certificates…

The rate of return on shares and investment certificates: (a) Which do not provide for a definite rate of return thereon shall be determined by the Board of Directors of the association during, or within thirty (30) days before the beginning of, or within thirty (30) days after t…

Provision for Definite Return Thereon. (a) No association may issue shares or investment certificates with provision for a definite rate of return thereon; provided, however, that nothing contained in this section shall be deemed to forbid any association from (a) issuing shares …

Investment certificates, if issued by an association which is an insured institution as defined in Title IV of the National -Housing Act, shall be acceptable and may be used as security for the faithful performance of any public or private trust or obligation. Shares, if issued b…

COL4122017 Certificates evidencing shares or investment certificates shall be manually signed by one or more officers or employees who shall be authorized to execute such certificates by the by-laws or by the board of directors. SOURCE: GC § 41411.

(a) Notice to any association of an adverse claim (the person making such adverse claim being hereafter in this section called adverse claimant) to shares or investment certificates standing on its books the credit of, or to personal property held for the account of, any person m…

(a) Shares or Savings Account. In the event there has been no activity of deposits or withdrawals, and no contact has been made by the holder of a share or savings account with the association for five (5) years, the association shall transfer the balance of such account to the T…

(a) Definitions. As used in this Section, unless the context otherwise requires: (1) Apparent owner means the person who appears from the records of the holder to be entitled to property held by the holder. (2) Banking organization means any national or state bank, trust company,…

(a) Definitions. For the purpose of this Section, terms as defined in § 127115 of this Chapter shall apply to this Section. (b) All tangible and intangible personal property held in a fiduciary capacity for the benefit of another person, including tangible personal property subje…

No association shall make or purchase any investments or loans except investments or loans authorized or permitted by this act. Nothing contained in this act shall require any association to sell, transfer or dispose of any investment or loan heretofore made or purchased by such …

An association may invest in buy and sell the following: (1) Real property used or to be used primarily as the principal office or branch of such association. provided, that no association shall invest in such real property more than one-half (1/2) of the sum of its aggregate pai…

Any association may purchase at any sale, public or private, any real or personal property upon which it may have a mortgage, judgment, trust deed, pledge, lien or other encumbrance, or in which it may have an interest, and may acquire any real or personal property which may be c…

An association may purchase any notes or other obligations, together with the mortgages, trust deeds or other security therefor, if such notes or obligations evidence loans which, at the time of such purchase, such association would be authorized to make pursuant to this act in a…