Guam § 160305 - Discontinuing Business.
Full text of Guam Guam Code Annotated § 160305 — Discontinuing Business., with citation guidance and answers to common questions.
§ 160305. Discontinuing Business.
(a) Whenever any Trust Company desires to discontinue its trust
business, it shall do the following:
(1) publish the intention of the company, once a week for three
(3) consecutive weeks in a newspaper of general circulation on
Guam; and
(2) submit an affidavit to the Commissioner that all the
obligations and indebtedness arising from its trust business and
operations on Guam have been satisfactorily discharged.
COL4122017
11 GCA FINANCE & TAXATION
CH. 160 GUAM-BASED TRUST COMPANIES ACT
(b) After the Trust Company has furnished proof of publication and
the affidavit, and no objection to discontinue business or no proof is
submitted by any claimant of an outstanding receivable or claim against
the Trust Company, the Commissioner shall enter an order canceling the
Trust Company=s license.
2017 NOTE: Subsection/subitem designations altered pursuant to the authority of
1 GCA § 1606.
Frequently Asked Questions About Guam § 160305
What does Guam Code Annotated § 160305 cover?
Section 160305 ("Discontinuing Business.") 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 § 160305?
A common citation format is "Guam Code Annotated § 160305" (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 § 160305 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.