Guam § 12103 - Corporate Powers.

§ 12103. Corporate Powers.

In furtherance of its purposes and in addition to the powers now or

hereafter conferred on business corporations by Part 1 of this Title, the

corporation shall, subject to the restrictions and limitations herein

contained, have the following powers:

(a) To elect, appoint and employ officers, agents and employees;

to make contracts and incur liabilities for any of the purposes of the

corporation; provided that the corporation shall not incur any

secondary liability by way of guaranty or endorsement of the

obligations of any person, firm, corporation, joint-stock company,

association or trust, or in any other manner.

(b) To borrow money from its members and the Small Business

Administration and any other similar Federal agency for any of the

purposes of the corporation; to issue therefor its bonds, debentures,

notes or other evidences of indebtedness, whether secured or

unsecured, and to secure the same by mortgage, pledge, deed of trust

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or other lien on its property, franchises, rights and privileges of every

kind and nature, or any part thereof of interest therein, without

securing stockholder or member approval.

(c) To make loans to any person, firm, corporation, joint-stock

company, association or trust and to establish and regulate the terms

and conditions with respect to any such loans and the charges for

interest and service connected therewith; provided, however, that the

corporation shall not approve any application for a loan unless and

until the person applying for said loan shall show that he has applied

for the loan through ordinary banking channels and that the loan has

been refused by at least one (1) bank or other financial institution.

(d) To purchase, receive, hold, lease or otherwise acquire, and to

sell, convey, transfer, lease, or otherwise dispose of real and personal

property, together with such rights and privileges as may be incidental

and appurtenant thereto and the use thereof, including, but not

restricted to, any real or personal property acquired by the corporation

from time to time in the satisfaction of debts or enforcement of obliga-

tions.

(e) To acquire the good will, business, rights, real and personal

property and other assets, or any part thereof, or interest therein, of any

persons, firms, corporation, joint-stock companies, associations or

trusts, and to assume, undertake, or pay the obligations, debts and

liabilities of any such person, firm, corporation, joint-stock company,

association or trust; to acquire improved or unimproved real estate for

the purpose of constructing industrial plants or other business

establishments thereon or for the purpose of disposing of such real

estate to others for the construction of industrial plants or other

business establishments; and to acquire, construct or reconstruct, alter,

repair, maintain, operate, sell, convey, transfer, lease or otherwise

dispose of industrial plants or business establishments.

(f) To acquire, subscribe for, own, hold, sell, assign, transfer,

mortgage, pledge or otherwise dispose of the stock, shares, bonds,

debentures, notes or other securities and evidences of interest in, or

indebtedness of any person, firm, corporation, joint-stock company,

association or trust, and while the owner or holder thereof to exercise

all the rights, powers and privileges to ownership, including the right

to vote thereon.

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(g) To mortgage, pledge or otherwise encumber any property,

right or thing of value, acquired pursuant to the powers contained in

subsections (4), (5) or (6) as security for the payment of any part of the

purchase price thereof.

(h) To cooperate with and avail itself of the facilities of the United

States Department of Commerce, the Guam Economic Development

Authority and any other similar Government of Guam or Federal

governmental agencies; and to cooperate with and assist and otherwise

encourage organizations in the various communities of the territory in

the promotion, assistance and development of the business prosperity

and economic welfare of such communities or of this territory or of

any part thereof.

(i) To do all acts and things necessary or convenient to carry out

the powers expressly granted in this Chapter.