11 Guam Code Ann. § 160404
Terms Used In 11 Guam Code Ann. § 160404
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Oath: A promise to tell the truth.
- Subpoena: A command to a witness to appear and give testimony.
- Testify: Answer questions in court.
Revenue and Taxation.
(a) The Commissioner of Banking and Insurance, or any examiner duly authorized, shall once during each year make a full examination into all the books, papers and affairs or any Trust Company doing business under §§ 160301, 160302, 160303 and 160304 of this Chapter, and in so doing, shall have power to administer oaths and affirmation and to examine on oath or affirmation the officers, agents and clerks of such company, touching the matter which they may be authorized to inquire into and examine, and to summon, and by subpoena compel the attendance of any person(s) on Guam to testify under oath in relation to the affairs of such company.
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11 Guam Code Ann. FINANCE & TAXATION
CH. 160 GUAM-BASED TRUST COMPANIES ACT
(b) If the Commissioner has reason to believe the affairs of any corporation are not being conducted in compliance with said sections, the Commissioner may at any time make, or cause to be made, a special examination of the assets of such corporation.
2011 NOTE: Reference to the “”Banking Commisioner”” changed to the
“”Commissioner of Banking and Insurance”” pursuant to P.L. 27-088:10 (May 6,
2004).
2017 NOTE: Subsection designations added pursuant to the authority of 1 Guam Code Ann. § 1606.