Guam § 35118 - Licensees= Working Papers; Clients= Records.

§ 35118. Licensees= Working Papers; Clients= Records.

COL4122017

(a) Subject to the provisions of § 35117, all statements, records,

schedules, working papers, and memoranda made by a licensee or a partner,

shareholder, officer, director, member, manager or employee of a licensee,

incident to, or in the course of, rendering services to a client while a licensee

except the reports submitted by the licensee to the client and except for

records that are part of the client=s records, shall be and remain the property

of the licensee in the absence of an express agreement between the licensee

and the client to the contrary.

(1) No such statement, record, schedule, working paper, or

memorandum shall be sold, transferred, or bequeathed, without the

consent of the client or the client=s personal representative or assignee,

to anyone other than one (1) or more surviving partners, stockholders,

members or new partners, new stockholders, or new members of the

licensee, or any combined or merged firm or successor in interest to the

licensee.

(2) Nothing in this § 35118 should be construed as prohibiting any

temporary transfer of work papers or other material necessary in the

course of carrying out peer reviews or as otherwise interfering with the

disclosure of information pursuant to § 35117.

(b) A licensee shall furnish to a client or former client, upon request and

reasonable notice:

(1) A copy of the licensee=s working papers, to the extent that such

working papers include records that would ordinarily constitute part of

the client=s records and are not otherwise available to the client; and

(2) Any accounting or other records belonging to, or obtained from

or on behalf of, the client that the licensee removed from the client=s

premises or received for the client=s account; the licensee may make and

retain copies of such documents of the client when they form the basis

for work done by the licensee.

(c) Nothing herein shall require a licensee to keep any work paper

beyond the period prescribed in any other applicable statute.

2017 NOTE: Subitem designations added pursuant to the authority of 1 GCA § 1606.