Guam § 160301 - Powers of Licensed Trust Companies; Banking Business

§ 160301. Powers of Licensed Trust Companies; Banking Business

Prohibited.

(a) Each licensed Trust Company may:

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11 GCA FINANCE & TAXATION

CH. 160 GUAM-BASED TRUST COMPANIES ACT

(1) act as trustee under any mortgage or bond of any person or

of any municipality or body politic;

(2) accept and execute any municipal or corporate or

individual trust consistent with the laws of Guam;

(3) act under the order or appointment of any court as

guardian, administrator, receiver or trustee;

(4) act as executor or trustee under any will or inter vivos trust;

(5) act as fiscal or transfer agent of any state, municipality,

body politic or corporation, and in such capacity receive and

disburse money and register, transfer and countersign certificates of

stock, bonds and other evidences of indebtedness;

(6) act as local or resident agent of foreign corporations;

(7) accept and execute any trust business;

(8) acquire the fiduciary rights, powers, duties and liabilities of

a bank, savings and loan association, thrift company, or Trust

Company licensed pursuant to Title 11 of the Guam Code

Annotated, and upon the effective date of such an acquisition, the

fiduciary rights, powers, duties and liabilities of the bank, savings

and loan association, thrift company, or Trust Company vest in and

must be performed by the acquiring Trust Company; and

(9) do and perform all acts necessary to exercise the powers

enumerated in this Subsection and authorized by this Chapter.

(b) A Trust Company may not engage in any banking business by

accepting deposits or making loans.

2017 NOTE: Subsection/subitem designations altered pursuant to the authority of

1 GCA § 1606.