Title 11, Finance and Taxation

An association operating under this Title shall have all the specific powers conferred by this Title and in addition thereto, the following general powers: To exercise, notwithstanding the provisions of §2105 of Title 18, Guam Code Annotated, all the powers necessary to qualify a…

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…

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 …

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…

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…

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…

This title shall be known as the Savings and Loan Association Act. SOURCE: GC §41700.

Nothing in this act is intended or shall be construed to impair in any manner the rights of those who have heretofore become investors in any association. No action or proceeding, either civil or criminal, or cause of action arising under any law of this territory, shall abate by…

Except as otherwise provided in this Act, every director, officer, agent, salesman or employee of any association and every other person who wilfully violates or wilfully fails to comply with any of the provisions of this Act is guilty of a misdemeanor. SOURCE: GC §41702. Amended…

Wherever it is stated in this act that an agreement or contract contrary to the provisions of this act, or of a particular chapter, section or provision of this act, shall be void, such statement shall be deemed limited to the particular portion of such agreement or contract whic…

If any chapter, section, subsection, sentence, clause or phrase of this act is for any reason held to be unconstitutional, such decision shall not affect the validity of the remaining portions of this act. The Legislature hereby declares that it would have passed this act, and ea…

No provision of this act imposing any liability, either civil or criminal, shall apply to any act done or omitted in good faith in conformity with any rule, regulation, approval, consent, order, direction or other act of the commissioner notwithstanding that such rule, regulation…

The provisions of this act shall apply to all savings and loan associations, whether such associations be presently in existence or be hereafter organized. SOURCE: GC §41706. ---------- COL120106

The terms plan and plan of reorganization, as used in this Chapter, are hereby defined to mean a plan for the rehabilitation, readjustment, reorganization or liquidation of an association, or for the readjustment, modification or reorganization of the rights or interests of any o…

As a condition to restoration of possession and resumption of business pursuant to Section 141107 of this act, the commissioner may require an association, the business, property and assets of which are in his possession, to adopt and agree to carry out a plan of reorganization p…

In any plan proposed pursuant to Section 146102 due consideration shall be given to the rights and interests of all persons affected thereby (with due regard to the feasibility of such plan and the condition of such association), in the following order of priorities: First, secur…

At any hearing before the commissioner pursuant to Section 146102 any interested certificate holder, shareholder, stockholder or creditor shall have the right to appear either in support of the plan or plans or petition or in opposition thereto; and any such hearing shall be, amo…

Wherever provision is made in this chapter for at least a specified number of day’s notice to investors and creditors of a hearing, such notice shall state the time and place of such hearing and shall be (a) mailed by first class mail in sealed envelopes, postage pre-paid, to eac…

The Commissioner shall have and may exercise the same jurisdiction, authority and powers with respect to any business, properties or assets retained by or delivered to the commissioner pursuant to any plan as the commissioner shall have with respect to the business, properties an…

No appeal from an order of court referred to in this chapter shall be effectual for any purpose unless the appellant or appellants, within 30 days after the entry of the order appealed from, shall file with the clerk of such a bond executed on the part of the appellant or appella…

Liheslaturan Guåhan finds as facts and determines that: (a) there exists on the island of Guam a need for the protection of the public interest, to regulate companies which are engaged in the Trust Company business; (b) such trust companies should be licensed and regulated in suc…

For the purposes of this Chapter, except as otherwise specifically provided, the following words and phrases, together with all of the COL4122017 common derivatives thereof (i.e. verbs, plurals, feminine gender, etc.) shall have the meaning ascribed to them as follows: (a) Benefi…

This Chapter does not apply to: (a) banks or banking institutions regulated under the provisions of Chapter 100 of Title 11 of the Guam Code Annotated; (b) savings and loan institutions regulated under Chapter 141 of Title 11 of the Guam Code Annotated; (c) title insurers, but on…

Without License. It is unlawful for any Trust Company to engage in the business of a Trust Company without complying with the provisions of this Chapter and having a license issued by the Commissioner.

Name; Exceptions. (a) Except as otherwise provided in Subsection 2, no person, partnership, firm, association, corporation or other business organization formed and doing business under the laws of Guam may: (1) use the words >Trust Company= or any direct derivative of these word…

No Trust Company may be organized or operated with a capital of less than One Hundred Thousand Dollars ($100,000.00), or in such greater amount as may be required by the Commissioner, and paid-up surplus of Fifty Thousand Dollars ($50,000.00), or in such greater amount as may be …

(a) Any three (3) or more persons may execute articles of incorporation and be incorporated as a trust company in the manner prescribed in this Chapter. (b) Any two (2) or more persons may execute articles of organization and form a trust company in the manner prescribed in this …

(a) The articles of incorporation must contain: (1) the corporate name adopted by the corporation, which must be such as to distinguish it from any other Trust Company formed or incorporated on Guam, or engaged in the trust business on Guam; (2) the place where its business is to…

Commissioner Must Authorize Business Before Company May Transact Business. (a) The Commissioner shall issue a certificate in the form provided by law for other corporations, and the existence of the Trust Company as a corporation dates from the issuance of the certificate by the …

Incorporation; Filing of Copies. The articles of incorporation must: (a) be subscribed to by at least three (3) of the stockholders of the proposed corporate Trust Company; (b) be acknowledged by them before some person competent to take an acknowledgment of deeds; and (c) be fil…

(a) The corporate Trust Company shall file an application for a license to transact Trust Company business with the Commissioner on forms prescribed by the Commissioner, which must contain such information as the Commissioner requires. (b) A non-refundable fee of One Thousand Dol…

COL4122017 (a) Within forty-five (45) days following the filing of the application for a license, the Commissioner shall investigate the facts of the application and the other requirements of this Chapter to determine: (1) that the persons who will serve as directors or officers …