Guam § 106207 - Organization Expenses.
Full text of Guam Guam Code Annotated § 106207 — Organization Expenses., with citation guidance and answers to common questions.
§ 106207. Organization Expenses.
(a) Each subscriber at the time he subscribes to the stock of a proposed territorial bank shall pay in
cash a sum at least equal to 5% of the par value of such stock into a fund to be used to defray the expenses
of organization. No organization expense shall be paid out of any other funds of the bank. Upon the grant
of a charter any unexpended balance shall be transferred to surplus. If no application for a charter has been
made within 6 months of the filing of a notice of intention, or any additional period allowed by the
Commissioner, or if the application has been finally denied, any unexpended balance shall be distributed
among the contributors in proportion to their respective payments. The Commissioner may require an
account of disbursements from the fund and may order the incorporators to restore any sum which has been
expended for other than proper organization expenses.
(b) No payment shall be made from the organization expense fund for securing subscriptions to stock.
Frequently Asked Questions About Guam § 106207
What does Guam Code Annotated § 106207 cover?
Section 106207 ("Organization Expenses.") 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 § 106207?
A common citation format is "Guam Code Annotated § 106207" (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 § 106207 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.