12 Guam Code Ann. § 58111
Terms Used In 12 Guam Code Ann. § 58111
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Fraud: Intentional deception resulting in injury to another.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(a) Fraud. Fraud or misrepresentation of any material fact in the application for such Certificate;
(b) Noncompliance with Certificate. Failure to comply
COL 6/21/2023
12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 58 QUALIFYING CERTIFICATES
with any condition or obligation set out in the qualifying certificate, the Qualifying Certificate law and rules thereof, or any laws and rules of the government of Guam having a direct impact on the beneficiary’s activities. The Qualifying Certificate beneficiary may correct such noncompliance within twelve (12) months from the date it was notified in writing as to the nature of the noncompliance and reasons for such noncompliance. All benefits shall be suspended during this noncompliance period. Failure to correct such noncompliance within the period given shall result in revocation of the Qualifying Certificate;
(c) Bankruptcy. The filing by or against the Beneficiary of a petition for bankruptcy;
(d) Dissolution or death. A finding by the Attorney General that a corporate Beneficiary has been dissolved, that a partnership Beneficiary has been dissolved, or that an individual Beneficiary has died;
(e) Noncompliance with laws and rules. Failure to comply with any provision of this Chapter or with the applicable rules and regulations of the Authority.
SOURCE: Amended by P.L. 29-002:VI:34 (May 18, 2007).