Guam § 106206 - Notice of Intention.
Full text of Guam Guam Code Annotated § 106206 — Notice of Intention., with citation guidance and answers to common questions.
§ 106206. Notice of Intention.
(a) The incorporators shall file with the Commissioner a notice of their intention to organize a
territorial bank, signed by each of them. The notice shall state:
(1) The name, residence and occupation of each incorporator, and the amount of stock subscribed
and paid for by each.
(2) The name and address of an individual within Guam to whom notice to all the incorporators
may be sent.
(3) The total capital, the number of shares of each class and the par value of the shares of each
class of the proposed territorial bank.
(4) Whether it is intended that the proposed territorial bank shall have trust powers.
(5) The municipality in which the proposed territorial bank is to be located.
(b) The Commissioner may order the incorporators not to accept any stock subscriptions or to cease
accepting subscriptions if he shall determine that the notice does not comply with the provisions of this
section, or that the incorporators are proceeding unlawfully or are not acting in good faith. If the notice of
intention or any accompanying documents do not comply with the requirements of this section, the
Commissioner shall within 20 days after the receipt thereof return them to the incorporators, calling
attention to the defect or defects therein.
(c) It shall be a criminal offense against this Title to accept any stock subscription until 30 days after
filing a notice of intention or in violation of an order of the Commissioner; and any such subscription shall
be enforceable only by the Commissioner and only to the extent he determines it to be necessary to protect
depositors or the public.
Source: official Guam text · Last verified 2026-08-27
Frequently Asked Questions About Guam § 106206
What does Guam Code Annotated § 106206 cover?
Section 106206 ("Notice of Intention.") is part of the Guam Code Annotated, the codified statutory law of Guam. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Guam § 106206?
A common citation format is "Guam Code Annotated § 106206" (Guam). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Guam law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Guam official source linked on this page or consult a licensed Guam attorney.
How does Guam § 106206 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Guam can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Guam.