Guam § 141107 - Power to Take Possession of Association.

§ 141107. Power to Take Possession of Association.

If the commissioner as the result of any examination or from any

report made to him or to any association doing business in this territory

or its investors or any thereof, shall find that such association is violating

the provisions of its articles of incorporation or charter or by-laws or any

law of this territory, or is conducting its business in an unsafe or

injurious manner, he may by an order addressed to such association

direct a discontinuance of such violations or unsafe or injurious practices

and a conformity with all the requirements of law; and if such association

shall not comply with such order within the time specified therein, or if it

shall appear to the commissioner that any association is in an unsafe

condition or is conducting its business in an unsafe or injurious manner

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such as to render its further proceeding hazardous to the public or to any

or all of its investors, or if he shall find that its assets are impaired to

such an extent that, after deducting all liabilities other than to its

investors they do not equal or exceed the sum of the value of its

outstanding shares and investment certificates and the par value of its

outstanding stock, or if any association shall refuse to submit its books,

papers and accounts to the inspection of the commissioner or any of his

examiners, deputies or assistants, or if any officer thereof shall refuse to

be examined upon oath, concerning the affairs of such association, then

the commissioner may forthwith demand and take possession of the

property, business and assets of such association and retain such

possession until such, association shall with the consent of the

commissioner resume business, or until its affairs be liquidated. Such

association may, with the consent of the commissioner, resume business

upon such conditions as may be approved by him.