Guam § 110103 - Agent, Agency, Salesman, Collector and Branch.

§ 110103. Agent, Agency, Salesman, Collector and Branch.

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The following terms, wherever used in this act, shall have the

following meanings, except in cases where the context otherwise

requires:

An agent means a person, co-partnership or corporation

soliciting or receiving applications for loans to be made by an

association, or disbursing funds on behalf of such association on

loans, where such services are rendered for compensation and as a

whole or partial vocation and not casually or intermittently in

connection with a general loan brokerage business, or representing

himself or itself as being authorized by an association to solicit or

receive applications for loans.

An agency means an office owned and operated by an agent.

A salesman means a person, co-partnership or corporation

other than an agent and other than an officer, director, or employee

of an agent, soliciting or receiving applications, subscriptions, or

offers, or representing himself as being authorized by an

association, to solicit or receive application, subscriptions or offers,

on behalf of an association for shares, stock or investment

certificates issued or to be issued by such association.

A collector means a person, co-partnership, or corporation

authorized in writing subscribed by an association to receive or

collect, other than as or in connection with an escrow, funds or

money paid or to be paid to an association on account of or in

connection with loans, shares, stock or investment certificates of

such association in force at the time of the a receipt or collection of

such funds.

Notwithstanding anything to the contrary contained in this section,

however, no officer director, employee of an association, who receives

no special compensation for services which, under the foregoing

definitions, would make such officer, director or employee an agent,

salesman or collector, shall be included within the meaning of the terms

agent, salesman or collector, as used or defined in this act.

Branch means any office or other place of business in this

territory owned and operated by an association, other than its

principal office in this territory, where subscriptions are sold, taken

or solicited for shares, stock or investment certificates of such

association or where such shares, stock or investment certificates are

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sold or issued, otherwise than as security for or in connection with a

loan by such association.