Guam § 160209 - Procedure for Granting or Denying License.

§ 160209. Procedure for Granting or Denying License.

COL4122017

11 GCA FINANCE & TAXATION

CH. 160 GUAM-BASED TRUST COMPANIES ACT

(a) Within forty-five (45) days following the filing of the

application for a license, the Commissioner shall investigate the facts of

the application and the other requirements of this Chapter to determine:

(1) that the persons who will serve as directors or officers are

qualified by character and experience;

(2) that the financial strength of the significant incorporators,

ten percent (10%) or more ownership, are commensurate with the

undertaking;

(3) that the name of the proposed company is not deceptively

similar to that of another Trust Company or otherwise misleading;

(4) that the capital and surplus are not less than the required

minimum; and

(5) such other matters concerning the proposed Trust

Company as the Commissioner may deem relevant.

(b) Within thirty (30) days after the application is filed, the

Commissioner shall conduct a public hearing to consider the application.

The Commissioner shall give two (2) written notices of the public

hearing in a newspaper of general circulation on Guam. Publication of

such notices should be no more than fifteen (15) days, nor less than two

(2) complete days, before the hearing date. Costs of publication and other

directly related expenses shall be paid by the applicant.

2017 NOTE: Subsection designations altered pursuant to the authority of 1 GCA §

1606.