18 Guam Code Ann. § 12112
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Terms Used In 18 Guam Code Ann. § 12112
- 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.
The corporation shall be examined at least once annually by the Director of Revenue and Taxation and shall make reports of its condition not less than annually to said Director of Revenue and Taxation and more frequently upon call of the Director of Revenue and Taxation, who in turn shall make copies of such reports available to the territorial Commissioner of Banking and Insurance and the Governor; and the corporation shall also furnish such other information as may from time to time be required by the Governor and Lieutenant Governor of Guam. The corporation shall pay the actual cost of said examinations. The Director of Revenue and Taxation shall exercise the same power and authority over corporations organized under this Chapter as is now exercised over banks and trust companies by the provisions of the Guam banking code, where such banking code is not in
COL 03072011
18 Guam Code Ann. BUSINESS STRUCTURE & FUNCTION
CH. 12 INDUSTRIAL DEVELOPMENT CORPORATIONS
conflict with this Chapter.
SOURCE: CC § 617. Reference to Secretary of Guam changed to Lieutenant Governor by Compiler. The position of Secretary of Guam was abolished with the Elective Governor Act of 1968 and in its place is the position of Lieutenant Governor.
2011 NOTE: Reference to the “”Insurance Commisioner”” changed to the
“”Commissioner of Banking and Insurance”” pursuant to P.L. 27-088:10 (May 6, 2004).