Guam § 160501 - Violations by Officers or Directors Sufficient Cause to
Full text of Guam Guam Code Annotated § 160501 — Violations by Officers or Directors Sufficient Cause to, with citation guidance and answers to common questions.
§ 160501. Violations by Officers or Directors Sufficient Cause to
Close Company, Liquidate Business and Revoke License; Failure to
Allow Inspection Constitutes Ground to Revoke License.
(a) The violation of any of the provisions of this Chapter by the
officers or directors of any Trust Company authorized to do business
under the provisions of this Chapter is sufficient cause for the
Commissioner to close the Trust Company, liquidate its business and
revoke its license.
(b) If any officer or director of a Trust Company refuses to allow
the Commissioner or the Commissioner=s deputies to inspect all books,
records, papers and effects of its business, the Commissioner may revoke
its license and proceed to terminate its affairs.
(c) Unlawful concealment of transactions.
(d) Improper maintenance of accounts, false or deceptive entries
and statements.
2017 NOTE: Subsection designations altered pursuant to the authority of 1 GCA §
1606.
Source: official Guam text · Last verified 2026-08-27
Frequently Asked Questions About Guam § 160501
What does Guam Code Annotated § 160501 cover?
Section 160501 ("Violations by Officers or Directors Sufficient Cause to") 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 § 160501?
A common citation format is "Guam Code Annotated § 160501" (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 § 160501 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.