(a) A territorial bank may be organized to exercise the powers provided in this Title and such general corporate powers as are appropriate to its purpose.

(b) A territorial bank shall, without specific mention thereof in its charter, have all the powers conferred by this Title and the following additional general corporate powers:

(1) To continue perpetually as a corporation, subject to the power of the Legislature under the Organic Act of Guam.

(2) To sue and be sued, complain and defend, in its corporate name.

(3) To have a corporate seal, which may be altered at pleasure, and to use the same by causing it or a facsimile thereof to be impressed or affixed, or in any manner reproduced.

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(4) To make, alter, amend, and repeal by-laws, not inconsistent with its charter or with law, for the administration and regulation of the affairs of the corporation.

(5) To elect or appoint and remove officers and agents of the bank and to define their duties and fix their compensation.

(6) To adopt and operate reasonable bonus and pension plans for officers and employees.

(7) To make contributions to or for the use or benefit of:

(A) the United States, any state, territory, or political subdivision thereof, or the District of Columbia or any possession of the United States for exclusively public purposes, or

(B) a corporation, trust or community chest fund, or foundation created or organized in the United States or of any state or territory or of the District of Columbia, or of any possession of the United States and organized and operated exclusively for religious, charitable, scientific, veteran rehabilitation service, literary or educational purposes, or for the prevention of cruelty to children or animals, no part of the net earnings of which inures to the benefit of any private shareholder or individual, and no substantial part of the activities of which is carrying on propaganda or otherwise attempting to influence legislation; to the extent authorized, approved or ratified by action of the board of directors of the corporation, except as otherwise specifically provided or limited by its articles of incorporation, or its by-laws or by resolution duly adopted by its stockholders.

(c) In addition to its other powers, a territorial bank which is authorized by its charter to exercise trust powers shall, upon proper qualification under this Title have the power to act as a fiduciary in any capacity, including but without limitation as registrar or transfer agent, as fiscal agent or attorney in fact and the power to receive, manage and apply sinking funds.

SOURCE: GC § 30500.

2013 NOTE: Pursuant the authority granted by 1 Guam Code Ann. § 1606, numbers and/or letters were altered in subsection (b)(7) to adhere to the Compiler’s alpha-numeric scheme.

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11 Guam Code Ann. FINANCE & TAXATION
CH. 106 BANKS