11 Guam Code Ann. § 106728
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Terms Used In 11 Guam Code Ann. § 106728
- 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.
- 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.
(a) In this section, Person means any person, firm, partnership. association, corporation, company, syndicate, estate, trust, business trust or organization of any kind, or any branch or division thereof which is located outside the territory of Guam.
(b) A foreign banking corporation may transact in this Territory the business of accepting deposits from any foreign state or from any person which resides, is domiciled, and maintains its principal place of business outside the territory of Guam, if:
(1) Such foreign banking corporation has complied with all of the requirements of § 106722; and
(2) Such foreign banking corporation has received from the Commissioner his written approval to transact such business in this Territory.
(c) A foreign banking corporation which transacts such business in this Territory shall, with respect to business transacted by it in this Territory, comply with and be subject to the provision of this Title.
SOURCE: GC § 30927. Added P.L. 13-111:5