Guam § 106214 - Amendment of Charter; Change of Location.

§ 106214. Amendment of Charter; Change of Location.

(a) A territorial bank may apply to the Commissioner to amend its charter or to change its location.

(b) An application for an amendment to the charter changing the authorized capital or to acquire or

abandon trust powers or to change its location must be authorized by the vote of two-thirds (2/3) of the

outstanding voting stock voted at a meeting of the stockholders. Any other application, excepting the par

value (Stock Split) of the shares, which is within the discretion of the Board of Directors, may be authorized

by the vote of the majority of the outstanding voting stock voted at a meeting of the Stockholders.

(c) Notice of the application shall be sent to such persons and organization as the Commissioner may

require.

(d) The Commissioner shall approve an application:

(1) To change the name of the corporation if the proposed name is not deceptive or misleading.

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(2) To change the authorized capital unless such change will inequitably affect the interest of any

stockholder and the bank does not have sufficient surplus and undivided profits to pay dissenting

shareholders the fair value of their shares determined in accordance with § 106305 and have remaining

the required minimum paid-in surplus.

(e) An amendment increasing the total capital shall not become effective until the Commissioner finds

that the new capital has been fully paid in cash. In other cases, the Commissioner shall present the

application to the Board.

(f) In making its determination the Board shall consider whether the public convenience and advantage

would be served by granting the application and shall be guided by the standards prescribed for the approval

of an application for a charter, insofar as they are reasonably applicable.