Guam § 64113 - Sureties or Collateral for Deposits of Authority.

§ 64113. Sureties or Collateral for Deposits of Authority.

All banks, bankers, trust companies, savings banks, investment

companies, savings and loan associations and other financial institutions

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or persons carrying on a banking or financial business are authorized to

give to the Authority a good and sufficient undertaking with such

sureties as shall be approved by the Authority to the effect that such bank

or financial institution as hereinbefore described shall faithfully keep and

pay over to the order of or upon the warrant of the Authority or its

authorized agent all such funds as may be deposited with it by the

Authority and agreed interest thereon, at such times or upon such

demands as may be agreed with the Authority or in lieu of such sureties,

deposit with the Authority or its authorized agent or any trustee therefor

or for the holders of any bonds, as collateral, such securities as the

Authority may approve. The deposits of the Authority may be evidenced

by a depository collateral agreement in such form and upon such terms

and conditions as may be agreed upon by the Authority and such bank or

banking institution.