Guam § 60307 - Revolving Loan Fund Creation, etc.

§ 60307. Revolving Loan Fund Creation, etc.

There is within the government of Guam a Board of Trustees

of the Revolving Loan Fund, hereafter referred to as the Board of

Trustees, to consist of five members appointed by the Governor,

two of which must be bona fide farmers. A member of the

Department of Agriculture shall be appointed by the Governor as

COL1/11/2022

the Executive Secretary of the Board of Trustees who shall have

no voting power. The members of the Board of Trustees shall elect

one of its members as Chairman. The members shall receive no

compensation. The duties of the Board of Trustees shall be as

follows:

(a) To establish administrative loan policies;

(b) To review and act on all loan applications;

(c) To require periodic examination and audit of the

books and accounts of the Fund.

The members of the Board of Trustees shall serve for a term

of three years, except that the first two appointments shall serve

for two years, the remaining three appointments shall serve for

three years. Any vacancy occurring prior to the expiration of the

term for which the predecessor was appointed, shall be appointed

for the remainder of such term.