Guam § 133104 - Federal Insurance Reserve Account.

§ 133104. Federal Insurance Reserve Account.

Any association by resolution of its board of directors may

irrevocably establish all or any part of any reserve or surplus account for

the sole purpose of absorbing losses; provided, however, that, except in

the case of reserve or surplus accounts which were available prior to the

adoption of such resolution for the purpose (either solely or among other

things) of absorbing losses, the written consent of the commissioner shall

first be obtained. If prior to the adoption of such resolution (a) the

reserve or surplus account so established for the sole purpose of

absorbing losses was available for the purpose (either solely or among

other things) of absorbing losses, and (b) such reserve or surplus account

constituted all or a part of, or counted toward, the investment certificate

and withdrawable share reserve referred to in Section 113108, the loan

reserve or the stock surplus referred to in Section 133103, or any other

reserve or surplus account required by or referred to in this act, then such

reserve or surplus account (excepting such part, if any, as may be

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absorbed by losses) shall continue to constitute all or a part of, or to be

counted toward, such reserve or surplus account required by or referred

to in this act.