fore any person or entity may operate a FSC in Guam, a written license issued by the Director of Revenue and Taxation shall be obtained. A Guam FSC license shall be issued provided the applicant meets the following requirements:
(1) It is duly incorporated under the laws of the Territory of
Guam.

(2) It has filed with the Director of the Department of Revenue and Taxation a certified copy of its articles of incorporation and its bylaws and a copy of an application for a Guam FSC license in such form as the Director may specify.
(3) It has furnished to the Director such proof of its paid-in capital, capital stock ownership and management as the Director may reasonably require.
(4) It has filed with the Director a true copy of its most recent election, made under §922(a)(2) of the Internal Revenue Code to be treated as a FSC and, if applicable, under §922(b)(1) of the Internal Revenue Code to be a small FSC; or if it has not yet made such

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CH. 78 FOREIGN SALES CORPORATION LICENSES

election(s) within ninety (90) days after the making of such election(s).
(5) It has complied with all applicable requirements of the Civil Code relating to domestic corporations, except matters otherwise specified for in 18 Guam Code Ann. § 2116 (Laws not Applicable to FSC).

(6) Its manager or agent or corporate officer residing in this Territory has taken an oath that such manager or agent or corporate officer will, as far as the duty devolves upon such manager or agent or corporate officer, diligently and honestly administer the affairs of the FSC and will not knowingly violate or willingly permit to be violated any of the provisions of law applicable to the FSC, and the oath, subscribed by the manger or agent or corporate officer taking it, has been transmitted to the Director and filed in the Director’s office.

SOURCE: GC §16501 added by P.L. 17-63: subsection (4) amended by P.L. 17-
75:5; subsection (6) amended by P.L. 17-75:6.