11 Guam Code Ann. § 106171
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Terms Used In 11 Guam Code Ann. § 106171
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint
(a) A bank whether or not a member of the Federal Reserve System, shall maintain such reserves against deposits as may be established by
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11 Guam Code Ann. FINANCE & TAXATION
CH. 106 BANKS
the Federal Reserve Act or by the Board of Governors of the Federal
Reserve System.
(b) The reserve fund shall consist of legal tender on hand on the premises of the bank and money due on demand from a Federal Reserve Bank or other bank approved as a reserve depositary by the Commis- sioner.
(c) It shall be a criminal offense against this Title for a territorial bank to continue an average deficiency in its reserve covering any two successive banking days for more than one additional banking day without notifying the Commissioner.
SOURCE: GC § 30300.