5 Guam Code Ann. § 22426
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Terms Used In 5 Guam Code Ann. § 22426
- 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.
- Fiduciary: A trustee, executor, or administrator.
- 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) Notwithstanding any provision of law to the contrary whenever an Authority of the government sells bonds at a private sale, no person standing in a fiduciary relationship with the Authority shall purchase any of the bonds.(b) As used in this Section, person means a natural person, corporation, partnership, trust or the employer of a natural person.
(c) If the provisions of this Section are violated then the sale of the bonds to the violating person shall be deemed null and void ab initio.
(d) Bonds unsold at bona fide public offerings can be held by the underwriters at the bona fide public offering prices, less the underwriter’s discount.
SOURCE: Added by P.L. 15-15:5. Subsection (d) added by P.L. 22-19:8.