11 Guam Code Ann. § 106191
Terms Used In 11 Guam Code Ann. § 106191
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Case law: The law as laid down in cases that have been decided in the decisions of the courts.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
- You are late making a payment or commit some other default, triggering an increase to a penalty rate
- The bank changes the terms of your account and you do not reject the change.
- The rate expires (if the rate was fixed for only a certain period of time).
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Personal property: All property that is not real property.
- Statute: A law passed by a legislature.
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11 Guam Code Ann. FINANCE & TAXATION
CH. 106 BANKS
Company Act of 1978 may now or hereafter be authorized or permitted by state or federal law, regulation or federal banking agency regulatory ruling or letter opinion to engage, on the same terms and conditions that would be imposed on a national bank, a state chartered insured bank, or a subsidiary of a bank holding company engaged in such activity; provided however, that a territorial bank will not by this statute be made subject to regulation by, be required to report to or be subject to audit by any federal agency by which it is not otherwise regulated.
(b) To the extent authorized or allowed under case law or federal banking statutes, regulations or regulatory decisions for any other bank, an insured Guam Bank may directly or indirectly engage in or invest in a subsidiary which engages in broker and dealer activities in securities, insurance activities, underwriting, community development, real estate, management consulting, data processing, investment advisory services, check collection and guaranteeing, courier services, foreign exchange services, credit research and reporting, futures commissions merchant, consumer financial services counseling, real estate appraisals and financing, tax planning and preparation, providing bank services to other banks; purchasing, constructing and leasing public or municipal buildings; investing in and operating a safe-deposit corporation or small business investment company; investing in state or territorial housing corporations; acting as a finder for a buyer and seller; arranging real estate financing with third parties; investing in and operating an advisory and discount brokerage; acting as an agent in the sale or placement of federal, state or territorial government securities; acting as an agent in the sale of fixed rate and variable annuities; arbitrage activities; armored car messenger services; operating automated teller machine networks; automobile, equipment and personal property leasing; making charitable contributions; operating closed or open ended collective investment funds or mutual funds; collateralizing public deposits received from local or the territorial government; issuing underwriting, dealing in, purchas- ing and selling collateralized mortgage obligations; dealing in commodi- ties futures or operating as a commodity pool operator; selling or leasing computer hardware or software in conjunction with data processing services or to other financial institutions; operating a credit card bank; securitizing credit card receivables; underwriting and selling credit life and disability insurance for loan customers; collecting debts for third parties participating in debt/equity swaps; offering financial advice and counseling to mutual funds; acting as a general contractor for its own real estate; acting as a custodian for individual retirement account funds;
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11 Guam Code Ann. FINANCE & TAXATION
CH. 106 BANKS
acting as a finder for insurance companies; leasing bank premises or bank owned real estate; issuing clean letters of credit; establishing and operating loan production offices; messenger services; mortgage servicing; operating a postal substation on its premises; privately placing asset backed securities, mortgage related products, debt and equity securities, limited partnership interests in real estate and investment securities; offering security and guard services and security monitoring services; purchasing, selling, underwriting, dealing in and holding Small Business Administration guaranteed pool certificates and general obligations of any state, territory or political subdivision thereof; purchasing, holding and using a seat on any recognized United States stock exchange; purchasing, selling, dealing in and underwriting obligations of the United States Government, its agencies and political subdivisions; operating a title insurance company in conjunction with a real estate mortgage loan business; acting as an agent in selling or underwriting title insurance in connection with mortgage loans; acting as a transfer agent for corporate debt and equity issues; acting as a travel agent in conjunction with a bank operated travel club or incidental to banking; engaging in trust powers; and offering vault, lock and ATM services to other financial institutions as correspondent services, subject to the least restrictive rules, regulations and letter ruling terms and conditions permitting national or FDIC insured banks, bank subsidiaries or bank holding company subsidiaries to engage in the foregoing activities. The foregoing list is not intended to be comprehensive.
SOURCE: Added by P.L. 23-127:3 (Oct. 11, 1996) as § 30400 of Part E, Art. III, Ch. I, Title XXXI of the Government Code. Codified by the Compiler to this section.
2013 NOTE: Subsection designations were added to adhere to the Compiler’s alpha-numeric scheme in accordance to the authority granted by 1 Guam Code Ann. § 1606.
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ARTICLE 2
ORGANIZATION AND CORPORATE FUNCTIONS OF BANKS