11 Guam Code Ann. § 124106
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Terms Used In 11 Guam Code Ann. § 124106
- Bequest: Property gifted by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
association shall acquire in any manner, directly or indirectly, any investment certificates or shares issued by it except by payment of the full withdrawal value or redemption price in the manner provided in this act, or by offset of such certificates or shares as may be pledged as provided in this act as security for the payment of loans or in any plan of reorganization (as defined in Section 146101) as authorized in Chapter
146, or in such other manner as may have the prior approval of the commissioner. No officer, director or employee of any association shall acquire any certificates or shares issued by the association with which he is connected by any method of acquisition other than (a) by investing his funds directly with the association or (b) by gift, bequest or descent, unless such other method of acquisition has the prior approval of the commissioner.
SOURCE: GC §41305.
146, or in such other manner as may have the prior approval of the commissioner. No officer, director or employee of any association shall acquire any certificates or shares issued by the association with which he is connected by any method of acquisition other than (a) by investing his funds directly with the association or (b) by gift, bequest or descent, unless such other method of acquisition has the prior approval of the commissioner.
SOURCE: GC §41305.
NOTE: Former Chapter VII, Assessments, being GC §§41350 – 21352, were repealed by P.L. 17-28:7.
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