COL4122017
11 Guam Code Ann. FINANCE & TAXATION
CH. 160 GUAM-BASED TRUST COMPANIES ACT

(a) Annual Statement. Every Trust Company that is licensed under the Act shall, on or before May 1 of each year, file with the Commissioner, a financial statement verified under oath by two (2) executive officers of the company, setting forth its financial condition, transactions and affairs as of the 31st day of December immediately preceding, in accordance with generally accepted accounting principles plus any additional information required by the Commissioner.

(b) Annual Audit. Every Trust Company that is licensed under the Act shall file an annual audit report to accompany the filing of an annual statement prior to May 1 of each year. The audit report shall be rendered by its appointed, Independent Auditor as approved by the Commissioner, and shall cover the financial condition, transactions and affairs as of the
31st day of December immediately preceding in accordance with generally accepted auditing standards. The audited report shall include an
unqualified opinion with respect to the financial condition of the
Company, except that the Commissioner may accept qualified opinions at the discretion of the Commissioner.

(c) Notification. An auditor who is aware that the Trust Company failed to meet the necessary capital and surplus requirements of the Act, or who has rendered other than an unqualified opinion on the financial condition of a Trust Company, and the president of the Trust Company shall both notify the Commissioner in writing within fifteen (15) days of the discovery of failure of the Trust Company to meet the capital or surplus requirements of the Act or within fifteen (15) days of the issuance of such qualified opinion.

2017 NOTE: Subsection designations altered pursuant to the authority of 1 Guam Code Ann. § 1606.