Guam § 50104 - General Powers: Termination Date.

§ 50104. General Powers: Termination Date.

The Corporation shall have, and may exercise, the following general powers in carrying on the

activities specified in § 50103 of this Division:

(a) To have perpetual succession, unless sooner terminated by law.

(b) To adopt, alter and use a corporate seal, which shall be judicially noticed.

(c) To adopt, amend and repeal bylaws and other rules, regulations and directives governing the

conduct of its business, and the performance of the powers and duties granted to or imposed upon it

by law. No rule or regulation other than that covering the internal conduct of the Corporation shall be

adopted without a public hearing thereon in the manner prescribed by law.

(d) To sue and to be sued in its corporate name.

(e) To determine the character of and the necessity for its obligations and expenditures and the

manner in which they shall be incurred, allowed and paid.

(f) To acquire, in any lawful manner, any real property, and to hold, maintain, use and operate the

same; and to sell, lease, encumber or otherwise dispose of the same, whenever any of the foregoing

transactions are deemed necessary or appropriate to the conduct of the activities authorized by this

Division, and on such terms as may be prescribed by the Corporation.

(g) To enter into and perform such contracts, leases, cooperative agreements, or other transactions

with any agency or instrumentality of the United States, or with any state, territory or possession or

any political subdivision thereof, or with any person, firm, association or corporation, as may be

deemed necessary or appropriate to the conduct of the activities authorized by this Division, and on

such terms as may be prescribed by the Corporation.

(h) To execute all instruments necessary or appropriate in the exercise of any of its functions.

(i) To employ such employees to provide such clerical and technical assistance as may be

necessary for the conduct of the business of the Corporation; to delegate to them such powers and to

prescribe for them such duties as may be deemed appropriate by the Corporation; to fix and pay such

compensation to them for their services as the Corporation may determine without regard to the

provisions of the personnel and compensation law; to require bonds from such of them as the

Corporation may designate, the premiums therefor to be paid by the Corporation, and to remove and

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discharge such employees and other clerical and technical assistants, pursuant to the provisions of the

personnel regulations adopted pursuant to the provisions of 4 GCA § 4105 and § 4106.

(j) To accept gifts or donations of services, or of property -- real, personal or mixed, tangible or

intangible -- in aid of any of the activities authorized by this Division.

(k) In accordance with Title 5 GCA Chapter 5 (Procurement Law), to construct, equip, operate

and maintain buildings, works, factories, plants, forms, fisheries and other facilities, including all

equipment, supplies and machinery incident thereto.

(l) To form or cause to be formed, to promote, to aid and to invest in any manner within its means

in the promotion of any corporation or other association, and to cause or participate in the merger,

consolidation, reorganization, liquidation or dissolution of any corporation or association in which, or

in the business of which the Corporation shall have direct or indirect interest.

(m) To settle and adjust claims held by it against other persons or parties and by other persons or

parties against the Corporation.

(n) To borrow funds required to finance revenue producing projects, and to dedicate revenue

derived therefrom to the repayment of such loans.

(o) To recommend to I Maga’hågan/Maga’låhen Guåhan the issuance, modification, revocation

and suspension of Qualifying Certificates in accordance with the provisions of this Division. This

power does not include the power to recommend that I Maga’hågan/Maga’låhen Guåhan execute

Exclusive Certificates.

(p) The Corporation shall submit to I Liheslatura, through I Maga’hågan/Maga’låhen Guåhan,

from time to time such legislation as it deems necessary to expeditiously and effectively foster

desirable industry, commerce, hospital facilities, housing and tourism in Guam.

(q) To take such action and carry on any other operations and do all that may be necessary or

appropriate to carry out the powers and duties herein or hereafter specifically granted to or imposed

upon it.

(r) To endorse, guarantee and secure the payment and satisfaction of bonds, coupons, mortgages,

deeds of trust, debentures, obligations, evidences of indebtedness and shares of stock of other

corporations, as far as and to the extent that the same is necessary and appropriate to carry out the

Corporation’s authorized and permissible activities under its powers and functions.

(s) To purchase from any person, firm, corporation or governmental entity, and to refinance,

mortgages on residential real property, including single family dwellings, multiple family dwellings,

condominiums and cooperative apartments, which are insured or guaranteed by an agency or

instrumentality of the United States of America, by Guam, or by any other person, firms, corporation

or governmental entity approved by the Board of Directors of the Corporation; to make commitments

to purchase mortgages, conditioned upon the insurance or guarantee of such mortgages by an agency

or instrumentality of the United States of America, by Guam, or by any other person, firm corporation

or governmental entity approved by the Board of Directors of the Corporation; to impose fees and

charges for its services; and through its Board, to issue such rules and regulations as may be necessary

to carry out the provisions of this Division.

(t) To negotiate an agreement guaranteeing a loan for the construction of tourist attractions

depicting the historical and cultural development of the Chamorro people. The guarantee agreement

shall provide that the real property and improvements be pledged to the lender as security for

repayment of the loan or to the Authority as security for the guarantee. Revenues collected by any such

facility shall be pledged for repayment of the loan.

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(u) To acquire in accordance with 5 GCA, Chapter 5, any tangible personal property and to hold,

maintain, use and operate the same; and to sell, lease, encumber or otherwise dispose of the same,

whenever any of the foregoing transactions are deemed necessary or appropriate to the conduct of the

activities authorized by this Division, and on such terms as may be prescribed by the Corporation.

(v) To acquire, in any lawful manner, any intangible personal property, and to hold, maintain, use

and operate the same; and to sell, encumber or otherwise dispose of the same, whenever any of the

foregoing transactions are deemed necessary or appropriate to the conduct of the activities authorized

by this Division, and on such terms as may be prescribed by the Corporation.