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Terms Used In 12 Guam Code Ann. § 3205

  • 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.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(a) There is established a Fund to be known as the Guam Film Office Fund, which shall be administered by the Board for the Guam Film Office and be maintained separate and apart from any other funds of the government of Guam, including the General Fund.

(b) Independent records and accounts shall be maintained in connection therewith. All proceeds deposited in the Guam Film Office Fund shall be appropriated to the Corporation for the administration, equipment, operations, the development of facilities, and for other purposes necessary to carry out this Article.

(c) All funds collected from fees, charges, or fines levied pursuant to this Article shall be deposited in the Guam Film Office Fund, and all interest earned by the Guam Film Office Fund shall accrue.

(d) Any unencumbered funds remaining in the Guam Film Office Fund at the end of each fiscal year shall remain in the Fund.

(e) The Guam Film Office Fund shall be subject to audits by the Office of Public Accountability.

2020 NOTE: Subsection designations added pursuant to authority granted by 1 Guam Code Ann. § 1606.

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