(a) In liquidating a Trust Company, the Commissioner may exercise any power thereof, but the Commissioner shall not, without the approval of the U.S. District Court of Guam:

(1) sell any asset of the Trust Company having a value in excess of One Thousand Dollars ($1,000.00);

(2) compromise or release any claim, if the amount of the claim exceeds Five Hundred Dollars ($500.00), exclusive of interest; or

(3) make any payment on any claim, other than a claim upon an obligation incurred by the Commissioner, before preparing and filing a schedule of the Commissioner’s determinations in accordance with this Act.

(b) Within six (6) months of the commencement of liquidation, the Commissioner may by the Commissioner’s election terminate any executory contract for services or advertising to which the Trust Company is a party, or any obligation of the Trust Company as a lessee. A lessor who receives sixty (60) days notice of the Commissioner’=s election to terminate the lease shall have no claim for rent other than rent accrued to the date of termination, nor for damages for such termination.

(c) As soon after the commencement of liquidation as is practicable, the Commissioner shall take the necessary steps to terminate all fiduciary positions held by the Trust Company, and take such action as may be necessary to surrender all property held by the Trust Company as a fiduciary and to settle its fiduciary accounts.

(d) As soon after the commencement of liquidation as practicable, the Commissioner shall send notice of the liquidation to each known trustor and creditor. The notice shall also be published in a newspaper of general circulation on Guam once a week for three (3) successive weeks. The Commissioner shall send with the notice a statement of the amount shown on the books of the Trust Company to be the claim of the trustor or creditor. The notice shall demand that if the amount claimed differs

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from that stated on the notice to be due, be filed with the Commissioner before a specified date not earlier than sixty (60) days thereafter in accordance with the procedure prescribed in the notice.

(e) Within six (6) months after the last day specified in the notice for the filing of claims or such longer period as may be allowed by the U.S. District Court of Guam in which notice of possession has been filed, the Commissioner shall:

(1) reject any claim if the Commissioner doubts the validity thereof;

(2) determine the amount, if any, owing to each known Trustor or creditor;

(3) prepare a schedule of the Commissioner’s determination for filing in the U.S. District Court of Guam in which notice of possession was filed; and

(4) notify each person whose claim has not been allowed in full, and publish once a week for three (3) successive weeks a notice of the time when and the place where the schedule of determinations will be available for inspection and the date, not sooner than thirty (30) days thereafter, when the Commissioner will file the Commissioner’s schedule in Court.

(f) Within thirty (30) days after the filing of the Commissioner’=s schedule, any trustor or creditor or stockholder may file an objection to any determination made. Any objections so filed shall be heard and determined by the Court, upon such notice to the Commissioner and interested claimants as the Court may prescribe. If the objection is sustained, the Court shall direct an appropriate modification of the schedule. After filing the Commissioner’s schedule, the Commissioner may, from time to time, make partial distribution to the holders of claims which are undisputed or have been allowed by the Court, if a proper reserve is established for the payment of disputed claims. As soon as is practicable after the determination of all objections, the Commissioner shall make final distribution.

(g) The following claims shall have priority:

(1) obligations incurred by the Commissioner;

(2) wages and salaries of officers and employees earned during the four (4) month period preceding the Commissioner=s possession

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in an amount not exceeding Three Thousand Dollars ($3,000.00) for any one (1) person; and

(3) fees and assessments due to the government of Guam.

(h) After the payment of all other claims which were timely filed, the Commissioner shall pay claims otherwise proper which were not filed within the time prescribed. If the sum available for any class is insufficient to provide payment in full, such sum shall be distributed to the claimants in the class pro rata.

(i) Any assets remaining after all claims have been paid shall be distributed to the stockholders in accordance with their respective interests.

(j) Unclaimed funds remaining after completion of the liquidation shall be retained for ten (10) years by the Commissioner, unless sooner claimed by the owner. At the expiration of such period, the remaining sum shall be transferred to the Treasurer of Guam as abandoned funds.

(k) When the assets have been distributed in accordance with this Act, the Commissioner shall file an account with the U.S. District Court of Guam. Upon approval thereof the Commissioner shall be relieved of liability in connection with the liquidation and the charter of the Trust Company shall be canceled.