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

(a) After the capital stock has been fully subscribed, the incorporators may apply to the Commissioner for the charter. The incorporators shall submit:

(1) A proposed charter in triplicate in such form as the
Commissioner shall prescribe containing the following information:

(A) the name of a territorial bank;

(B) if the territorial bank is to exercise trust powers, a statement to that effect;

(C) the municipality in which it is to be located;

(D) the amount of capital, the number of shares of each class, the relative preferences, powers and rights of each class, the par value of the shares of each class and the amount of the paid-in surplus;

(E) a statement whether voting for directors shall or shall not be cumulative and the extent of the preemptive rights of stockholders;

(F) such other proper provisions to govern the business and affairs of the territorial bank as may be desired by the incorporators.

(2) An application in such form and containing such informa- tion as the Board requires, including the following:

(A) the name, residence and occupation of each subscriber and the number of shares for which he has subscribed;

(B) the past and present connection with any bank other than as a customer on terms generally available to the public, of each director and each subscriber to more than 5% of the capital stock;

(C) the address at which it is proposed that the territorial bank do business, or, if such address is not known, the area within the municipality in which it is proposed that the business be located.

(b) If the application, the proposed charter or any other accompany- ing documents do not comply with the requirements of this Title, the Commissioner shall within 20 days after the receipt thereof return them to the incorporators, calling attention to the defect or defects therein. If

COL292017
11 Guam Code Ann. FINANCE & TAXATION
CH. 106 BANKS

such application, proposed charter and accompanying documents, if any, are not so returned by the Commissioner within 20 days of the receipt thereof they shall be deemed to have been filed with the Commissioner.

(c) The incorporators shall mail such notice of the application as the Commissioner may prescribe to each bank doing business in the municipality in which the proposed bank is to be located, and also to such persons and organizations as he may designate. The Commissioner may also require publication of the notice.

SOURCE: GC § 30505.

2013 NOTE: Pursuant the authority granted by 1 Guam Code Ann. § 1606, numbers and/or letters were altered in subsection (a)(1) and (2) to adhere to the Compiler’s alpha- numeric scheme.