Title 11, Finance and Taxation

(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…

No association shall be deemed to borrow money through the issuance of investment certificates. No association shall borrow money except as authorized by this chapter. Except with the approval of the commissioner, no association may borrow money for a period of more than one year…

Agencies. An association may borrow from or sell, exchange, transfer, pledge, hypothecate or otherwise encumber or dispose of any of the notes or obligations held by it, together with the mortgages, trust deeds and other security therefor to a Federal home loan bank or other simi…

For each loan made by a savings and loan association a note or notes or other obligation or obligations expressing a rate of interest must COL120106 be executed by the borrower and must be secured, except as otherwise permitted under Section 130120 or 130121, (a) by a first mortg…

Loans may be made only upon the definite contract plan. Subject to the provisions of this act loans upon the definite contract plan shall be repayable at a designated time or in installments to be specified in the notes or other obligations evidencing such loans. SOURCE: GC §4145…

For the purpose of this act, an amortized loan shall be one which provides for payments to be made on the principal in installments to be paid at regular intervals at least semiannually and to commence not later than one year after the date of the loan. Such installments may incl…

Account. An association shall pay interest at a rate not less than that paid on regular passbook savings accounts as calculated by the individual savings and loans on Guam on home mortgage escrow accounts. SOURCE: GC §41458.1. Added by P.L. 15-95:2. COL120106

Loans may be made upon the security of improved real property in an amount not in excess of 60 percent of the appraised value of such real property; provided, however, that amortized loans may be made in an amount not in excess of 70 percent of the appraised value of such real pr…

Loans secured by the pledge of shares or investment certificates of the lending association may be made to the extent of not more than 90 per cent of the then value of such shares or investment certificates. Any loans which are wholly secured by the pledge of such shares or inves…

Loans may be made by any association secured by the pledge of notes or other obligations evidencing loans which are secured by property or securities upon which the association might make a direct loan, if such collateral loans do not exceed 90 per cent of whichever of the follow…

COL120106 Whenever a borrower shall be in arrears in the payment of his interest or loan installments, or shall be in default under the terms of any pledge, deed of trust or mortgage securing his loan, the whole loan shall become due at the option of the association, and the asso…

No association shall make any loan other than an amortized loan unless at least ninety per cent of the unpaid principal of all its loans then in force be amortized loans as defined in Section 130109 of this act, and no association shall make any loan other than an amortized loan …

Except with the consent of the Commissioner, no association shall hereafter make any one loan in an amount exceeding three percent (3%) of the book value of its assets; but the provisions of this section shall not apply to any loans which do not exceed twenty thousand dollars ($2…

Except with the consent of the Commissioner, no association shall commit itself to make any loans for amounts in excess of the total of (a) amount of cash available for loan purposes, (b) amount of cash which COL120106 can readily be realized upon the sale of redemption of invest…

No loan shall be made upon the appraisement of, nor shall compensation for any appraisement be paid to, any appraiser, officer or member of any committee, who shall not have been first approved in writing by the board of directors for such association. Such approval may be subjec…

No loans shall be made, for himself or as agent or as partner of another, directly or indirectly, to any director or officer of any association by such association, except on the security of a first lien on the home or combination of home and business property owned and occupied …

An association (a) either with or without security, may make loans, advance credit, and purchase obligations representing loans and advances of credit, pursuant to Title 1 of the National Housing Act, as amended, if the Federal Housing Administrator shall insure such association …

Notwithstanding anything to the contrary contained in this act, (a) if a portion of a loan secured by real property is guaranteed by the Administrator of Veteran’s Affairs under Title 3 of the "Servicemen’s Readjustment Act of 1944" or any act of Congress supplementary or amendat…

The commissioner shall have power to establish a uniform fiscal year for all associations, and shall have power to establish a uniform classification of accounts to be kept by associations, or to classify associations and to establish a uniform classification of accounts for each…

Each association shall keep its books in such form as to show accurately in detail its assets and liabilities and its receipts and expenditures and shall keep records written in ink or typewriting showing the appraised values of the real estate security held in connection with ea…

Profits and losses shall be apportioned at least annually. In computing earnings or dividends on shares, the rate shall be applied to the value thereof, subject to regulations prescribed by the by-laws or directors in respect of payments on such shares since the last prior apport…

Any association by resolution of its board of directors may irrevocably establish all or any part of any reserve or surplus account for the sole purpose of absorbing losses; provided, however, that, except in the case of reserve or surplus accounts which were available prior to t…

Each association shall make a full report in writing to the Commissioner annually, within thirty (30) days after the close of its fiscal year, which report shall be verified by its president or vice- president and secretary or treasurer, showing accurately the financial condition…

Each association, at least once in each year, shall cause its books and accounts to be audited at its own expense by a certified public accountant of any of the states or territories of the United States or by such other accountants selected by such association as shall be approv…

The Commissioner shall have power in his discretion to require each association to mail once in each year within sixty days after the close of its fiscal year to each of the investors of such association a copy of a financial statement, showing, in such form and detail as the com…

Each association issuing shares shall designate the capital attributable to such shares, in any statement or advertisement which it shall publish in which any reference shall be made to such capital, as withdrawable capital; in any such statement or advertisement the capital attr…

Notwithstanding any provision of law including §§113108 and 133103 of this Code). a savings and loan association whose accounts are insured by the Federal Savings and Loan Insurance Corporation (FSLIC) shall be deemed to meet all net worth, reserve or capital requirements for all…