Terms Used In 11 Guam Code Ann. § 160305

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
(a) Whenever any Trust Company desires to discontinue its trust business, it shall do the following:

(1) publish the intention of the company, once a week for three (3) consecutive weeks in a newspaper of general circulation on Guam; and

(2) submit an affidavit to the Commissioner that all the obligations and indebtedness arising from its trust business and operations on Guam have been satisfactorily discharged.

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

(b) After the Trust Company has furnished proof of publication and the affidavit, and no objection to discontinue business or no proof is submitted by any claimant of an outstanding receivable or claim against the Trust Company, the Commissioner shall enter an order canceling the Trust Company=s license.

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

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