Guam § 106213 - Certificate of Authority.

§ 106213. Certificate of Authority.

(a) It shall be a criminal offense against this Title for a territorial bank to perform any act other than

to perfect its organization, obtain and equip a place of business and otherwise prepare to do business before

receiving a certificate of authority to operate.

(b) Application for a certificate of authority shall be made to the Commissioner and shall contain:

(1) A statement that the capital and surplus have been paid in.

(2) The name, address and business and professional affiliations of each Director and executive

officer.

COL 2025-04-22

(3) The name and address of each stockholder and the number of shares held by him.

(4) The address at which the bank will operate.

(5) A statement that all of the by-laws adopted have been attached as an exhibit to the application.

(6) Such other information as the Commissioner may require to enable him to determine whether

a certificate of authority should be issued.

(c) If the application for a certificate of authority or any accompanying documents do not comply with

the requirements of this Title the Commissioner shall within twenty (20) days after the receipt thereof return

them to the incorporators, calling attention to the defect or defects therein. If the application and

accompanying documents are not so returned within such twenty (20) day period they shall be deemed to

have been filed with the Commissioner.

(d) The Commissioner shall approve or deny the application for a certificate of authority within ninety

(90) days after such application has been filed. He shall approve the application if:

(1) The capital and surplus have been fully paid in cash.

(2) Appropriate by-laws have been adopted.

(3) Any conditions imposed by the Board in granting the charter have been fulfilled.

(4) The requirements of this Title have been satisfied.

(e) If the Commissioner shall approve such application he shall within twenty (20) days of such action

issue a certificate of authority and mail the same to the incorporators. If the Commissioner shall deny the

application he shall within twenty (20) days of such action mail a notice of denial to the incorporators,

stating therein the reason or reasons for denying the application.

(f) If no application for a certificate of authority is filed within six (6) months following the grant of a

charter or any additional period allowed by the Commissioner or if a certificate of authority has been finally

denied, or if the bank shall fail to commence business within six (6) months after the issuance of a certificate

of authority or any additional period allowed by the Commissioner, the charter shall be forfeited, and the

bank shall be liquidated in accordance with the orders of the Commissioner. If an improper expenditure has

been made, the Commissioner may order the persons who were incorporators or directors at the time to

restore the sum by equal contributions.