Guam § 160304 - Other Requirements.
Full text of Guam Guam Code Annotated § 160304 — Other Requirements., with citation guidance and answers to common questions.
§ 160304. Other Requirements.
COL4122017
11 GCA FINANCE & TAXATION
CH. 160 GUAM-BASED TRUST COMPANIES ACT
(a) Annual Statement. Every Trust Company that is licensed under
the Act shall, on or before May 1 of each year, file with the
Commissioner, a financial statement verified under oath by two (2)
executive officers of the company, setting forth its financial condition,
transactions and affairs as of the 31st day of December immediately
preceding, in accordance with generally accepted accounting principles
plus any additional information required by the Commissioner.
(b) Annual Audit. Every Trust Company that is licensed under the
Act shall file an annual audit report to accompany the filing of an annual
statement prior to May 1 of each year. The audit report shall be rendered
by its appointed, Independent Auditor as approved by the Commissioner,
and shall cover the financial condition, transactions and affairs as of the
31st day of December immediately preceding in accordance with
generally accepted auditing standards. The audited report shall include an
unqualified opinion with respect to the financial condition of the
Company, except that the Commissioner may accept qualified opinions
at the discretion of the Commissioner.
(c) Notification. An auditor who is aware that the Trust Company
failed to meet the necessary capital and surplus requirements of the Act,
or who has rendered other than an unqualified opinion on the financial
condition of a Trust Company, and the president of the Trust Company
shall both notify the Commissioner in writing within fifteen (15) days of
the discovery of failure of the Trust Company to meet the capital or
surplus requirements of the Act or within fifteen (15) days of the
issuance of such qualified opinion.
2017 NOTE: Subsection designations altered pursuant to the authority of 1 GCA §
1606.
Frequently Asked Questions About Guam § 160304
What does Guam Code Annotated § 160304 cover?
Section 160304 ("Other Requirements.") is part of the Guam Code Annotated, the codified statutory law of Guam. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Guam § 160304?
A common citation format is "Guam Code Annotated § 160304" (Guam). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Guam law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Guam official source linked on this page or consult a licensed Guam attorney.
How does Guam § 160304 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Guam can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Guam.