Guam § 162108 - Annual Financial Reports.
Full text of Guam Guam Code Annotated § 162108 — Annual Financial Reports., with citation guidance and answers to common questions.
§ 162108. Annual Financial Reports.
(a) At least once during each 12-month period, the financial institution administering a fund shall
arrange for an audit of the fund by auditors responsible only to the board of directors of the financial
institution.
(b) At least once during each 12-month period, the financial institution shall prepare an annual
financial report based on the audit required by Subsection (a) and containing the following information:
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(1) The fund’s fees and expenses.
(2) A list of the investments in the fund with their costs and market values on the date of closing
of the report.
(3) A statement summary of transactions for the year, organized by type of investment, including
the following transactions:
(A) a summary of purchases, including costs;
(B) a summary of sales, including profit or loss and any other investment changes;
(C) income to and disbursements from the fund; and
(D) a description of any investments in default.
(c) The financial institution may include in the financial report a description of the fund’s value on
previous dates, as well as its income and disbursements during previous accounting periods. The financial
institution may not publish in the financial report any predictions or representations as to future
performance.
(d) The financial institution shall provide a copy of the annual report (or provide notice that a copy of
the report is available upon request or online) to each person or entity who would ordinarily receive a
regular periodic accounting statement.
(e) A copy of the annual financial report shall be filed with the Commissioner.
Frequently Asked Questions About Guam § 162108
What does Guam Code Annotated § 162108 cover?
Section 162108 ("Annual Financial Reports.") 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 § 162108?
A common citation format is "Guam Code Annotated § 162108" (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 § 162108 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.