Guam § 103117 - Preservation of Records.

§ 103117. Preservation of Records.

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(a) Every territorial bank and insurance company shall

retain its business records for such periods as are or may be

prescribed by or in accordance with the terms of this Title.

(b) Each territorial bank shall retain permanently the minute

books of meetings of its stockholders and directors, its capital

stock ledger and capital stock certificate ledger or stubs, its

general ledger, its investment ledger, its copies of bank

examination reports, and all records which the Board shall, in

accordance with the terms of this Title, require to be retained

permanently. The Commissioner in his/her discretion may

require that certain records be reproduced and stored in a safe

deposit box.

(c) Each insurance company shall retain permanently the

minute books of meetings of its stockholders and directors, its

ledgers, and all records that the Board shall, in accordance with

the terms of this Title, require to be retained permanently. The

Commissioner in his/her discretion may require that certain

records be reproduced and stored in a safe deposit box.

(d) All other bank and insurance records shall be retained

for such periods as the Board shall, from time to time, issue

regulations classifying all records kept by territorial banks and

insurance companies and prescribing the period for which

records of each class shall be retained. Such periods may be

permanent or for a lesser term of years. Such regulations, may

from time to time, be amended or repealed. Prior to issuing any

such regulation, the Board shall consider:

(1) Actions at law and administrative proceedings in

which the production of records might be necessary or

desirable.

(2) Territorial, State and Federal statutes of limitations

applicable to such actions or proceedings.

(3) The availability of information contained in bank

and insurance company records from other sources.

(4) Such other matters as the Board shall deem

pertinent in order that its regulations will require banks and

insurance companies to retain their records for as short a

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period as is commensurate with the interests of customers

and shareholders and of the people of Guam.

(e) Any territorial bank or insurance company may dispose

of any record which has been retained for the period prescribed

by or in accordance with the terms of this Title for retention of

records of its class, and shall thereafter be under no duty to

produce such record in any action or proceeding.

(f) Any territorial bank or insurance company may cause

any or all records at any time in its custody to be reproduced

photographically or electronically pursuant to the provisions of

Guam law and any reproduction so made shall have the same

force and effect as the original thereof and be admitted in

evidence equally with the original.

(g) To the extent that they are not in contravention of any

law of the United States, the provisions of this Section shall

apply to all banks and insurance companies doing business in

Guam.