(a) The incorporators shall file with the Commissioner a notice of their intention to organize a territorial bank, signed by each of them. The notice shall state:

(1) The name, residence and occupation of each incorporator, and the amount of stock subscribed and paid for by each.

(2) The name and address of an individual within Guam to whom notice to all the incorporators may be sent.

(3) The total capital, the number of shares of each class and the par value of the shares of each class of the proposed territorial bank.

(4) Whether it is intended that the proposed territorial bank shall have trust powers.

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(5) The municipality in which the proposed territorial bank is to be located.

(b) The Commissioner may order the incorporators not to accept any stock subscriptions or to cease accepting subscriptions if he shall determine that the notice does not comply with the provisions of this section, or that the incorporators are proceeding unlawfully or are not acting in good faith. If the notice of intention or any accompanying documents do not comply with the requirements of this section, the Commissioner shall within 20 days after the receipt thereof return them to the incorporators, calling attention to the defect or defects therein.

(c) It shall be a criminal offense against this Title to accept any stock subscription until 30 days after filing a notice of intention or in violation of an order of the Commissioner; and any such subscription shall be enforceable only by the Commissioner and only to the extent he determines it to be necessary to protect depositors or the public.

SOURCE: GC § 30503.