Guam § 7401 - License for Contest or Exhibition Where Admission Fee

§ 7401. License for Contest or Exhibition Where Admission Fee

Received; Application for License; Fee; Limited, Restricted or

Conditional License; Bond or Deposit; Guam Athletic Commission

Fund; Additional Deposit; Exceptions.

(a) The Commission may issue and revoke licenses to conduct, hold

or give contests or exhibitions of unarmed combat where an admission

fee is received in accordance with such terms and provisions as the

Commission prescribes.

(b) Any application for such a license must be in writing and

correctly show and define the applicant. The application must be

accompanied by an annual fee to be fixed by the Commission, on a

uniform scale.

(c) The Commission may deny an application for such a license or

grant a limited, restricted or conditional license for any cause deemed

sufficient by the Commission.

(d) Before any license is granted, the applicant must file a bond in

an amount fixed by the Commission but not less than Ten Thousand

Dollars ($10,000), executed by the applicant as principal, and by a

corporation qualified under the laws of Guam as surety, payable to the

Treasurer of Guam, and conditioned upon the faithful performance by

the applicant of the provisions of this Chapter. In lieu of a bond, the

applicant may deposit with the Commission a like amount of lawful

money of the United States or any other form of security, including, but

not limited to: bonds of the United States or of Guam of an actual market

value of not less than the amount of the required cash payment or surety

bond; a letter of credit from a bank, savings bank, credit union or savings

and loan association situated in Guam, which meets the requirements set

for that purpose by the Treasurer of Guam; or a savings certificate,

certificate of deposit or investment certificate of a bank, savings bank,

credit union or savings and loan association situated in Guam, which

must indicate an account of an amount not less than the amount of the

required cash payment or surety bond and, except as otherwise provided

by specific statute, that the amount is not available for withdrawal except

by direct order of the Treasurer of Guam. If security is provided in the

form of a savings certificate, certificate of deposit or investment

certificate, the certificate must state that the amount is not available for

withdrawal except upon order of the Commission. All money which the

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Commission receives pursuant to this subsection must be deposited with

the Treasurer of Guam for credit to the Guam Unarmed Combat

Commission Fund, which shall be established by enactment of this Act.

(e) If the Commission believes the requirement for a bond is

inadequate, the Commission may require the promoter to make a deposit

of money in an amount fixed by the Commission. The deposit must be

made not less than five (5) days before the contest or exhibition. It may

be used to satisfy any obligation incurred by the promoter during the

staging of the contest or exhibition upon order of the Commission. After

satisfaction of all such obligations, the Commission shall release the

remainder to the promoter.

(f) The provisions of subsections (d) and (e) do not apply to amateur

athletic clubs.