Guam § 21114 - Security of Deposits.

§ 21114. Security of Deposits.

COL1242015

Deposits or investment certificates insured by the Federal Deposit

Insurance Corporation or the Federal Savings and Loan Insurance

Corporation do not require further security. To be eligible to receive or

retain other active or inactive deposits, an eligible bank shall place with,

or to the accounts of, the government of Guam, as security for such

deposits, securities of a type herein below specified, and approved by the

Director of Administration, in an amount in value at least ten percent in

excess of the amount of monies deposited with the bank:

(a) Treasury notes or bonds of the United States, or those for

which the faith and credit of the United States are pledged for the

payment of principal and in interest;

(b) Any evidence of indebtedness of the government of Guam;

(c) Investment certificates of the Federal Home Loan Bank;

(d) Such other securities as may be hereafter approved by the

Director of Administration and the Governor of Guam.