Guam § 160303 - Investments; Purchase of Securities Authorized.

§ 160303. Investments; Purchase of Securities Authorized.

(a) A Trust Company which is acting as a fiduciary or agent shall,

in its discretion or at the direction of another person who is authorized to

direct the investment of money held by the Trust Company as a fiduciary

or agent, make investments in accordance with the Uniform Prudent

Investors Act, as adopted in 1994 by the National Conference of

Commissioners on Uniform State Laws, if:

(1) the investment trust or investment company is registered

with the Commissioner; and

(2) the portfolio of the investment trust or investment company

consists substantially of investments which are not prohibited by the

instrument creating the fiduciary or agency relationship.

(b) A Trust Company or an affiliate of the Trust Company may

provide services to the investment trust or investment company,

including, without limitation, acting as an investment adviser, custodian,

transfer agent, registrar, sponsor, distributor or manager, and may receive

reasonable compensation for the services. The manner in which the

compensation is calculated must be disclosed to the person who is

currently receiving the benefits of the fiduciary or agency relationship

with the Trust Company. The disclosure shall be made in a prospectus, a

report to the Trustor or manner prescribed by the Commissioner.

(c) A Trust Company may deposit money held by the Trust

Company as a fiduciary or agent with an affiliate before investing or

making other disposition of the money.

2017 NOTE: Subsection/subitem designations altered/added pursuant to the

authority of 1 GCA § 1606.