Guam § 162105 - Internal Controls.
Full text of Guam Guam Code Annotated § 162105 — Internal Controls., with citation guidance and answers to common questions.
§ 162105. Internal Controls.
A financial institution shall implement and maintain effective operational controls to ensure that:
(a) The fund is valued regularly. For a fund that holds investments with daily valuations, such as
mutual funds and publicly traded stocks, bonds, and exchange-traded funds, values shall be updated
each business day. For a fund that holds assets that are not readily marketable, such as real estate,
values shall be determined no less often than annually. The Net Asset Value of the fund shall be
determined based on such valuations, and all investor redemptions shall be for an amount no less than
the most recent net asset value of record.
(b) Contributions and withdrawals are executed on a timely basis, as specified by the terms of the
plan.
(c) Each participating account is eligible and authorized to participate in the fund.
(d) An annual audit and fund report are completed in a timely manner.
(e) Assets are invested in accordance with the plan and the fund's written investment policy.
(f) Fund documents are maintained in a central repository.
(g) A formal process is in place for the board of directors of the bank, or a committee appointed
by the board, to approve and oversee major fund decisions and the operation of the fund.
Frequently Asked Questions About Guam § 162105
What does Guam Code Annotated § 162105 cover?
Section 162105 ("Internal Controls.") 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 § 162105?
A common citation format is "Guam Code Annotated § 162105" (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 § 162105 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.