Guam § 106504 - Unlawful Service as Officer, or Director.
Full text of Guam Guam Code Annotated § 106504 — Unlawful Service as Officer, or Director., with citation guidance and answers to common questions.
§ 106504. Unlawful Service as Officer, or Director.
It shall be unlawful for any person to serve as an officer or director of a bank who:
(a) Is an officer, director or employee of a directly competitive bank.
(b) Has been convicted of an offense constituting in the jurisdiction in which the judgment was
rendered a violation of the banking laws, a felony having as one of its necessary elements a fraudulent
act or an act of dishonesty in the solicitation of, acceptance, custody, or payment of money or property
or a breach of trust.
(c) Is indebted to the bank for more than thirty (30) days upon a judgment that has become final.
(d) Has an interest adverse to the bank unless such interest is promptly and fully disclosed in
writing to its board of directors or trustees.
Source: official Guam text · Last verified 2026-08-27
Frequently Asked Questions About Guam § 106504
What does Guam Code Annotated § 106504 cover?
Section 106504 ("Unlawful Service as Officer, or Director.") 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 § 106504?
A common citation format is "Guam Code Annotated § 106504" (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 § 106504 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.