Guam § 78102 - FSC License Requirements.
Full text of Guam Guam Code Annotated § 78102 — FSC License Requirements., with citation guidance and answers to common questions.
§ 78102. FSC License Requirements.
Before any person or entity may operate a FSC in Guam, a written
license issued by the Director of Revenue and Taxation shall be obtained.
A Guam FSC license shall be issued provided the applicant meets the
following requirements:
(1) It is duly incorporated under the laws of the Territory of
Guam.
(2) It has filed with the Director of the Department of Revenue
and Taxation a certified copy of its articles of incorporation and its
bylaws and a copy of an application for a Guam FSC license in such
form as the Director may specify.
(3) It has furnished to the Director such proof of its paid-in
capital, capital stock ownership and management as the Director
may reasonably require.
(4) It has filed with the Director a true copy of its most recent
election, made under §922(a)(2) of the Internal Revenue Code to be
treated as a FSC and, if applicable, under §922(b)(1) of the Internal
Revenue Code to be a small FSC; or if it has not yet made such
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election(s) within ninety (90) days after the making of such
election(s).
(5) It has complied with all applicable requirements of the Civil
Code relating to domestic corporations, except matters otherwise
specified for in 18 GCA §2116 (Laws not Applicable to FSC).
(6) Its manager or agent or corporate officer residing in this
Territory has taken an oath that such manager or agent or corporate
officer will, as far as the duty devolves upon such manager or agent
or corporate officer, diligently and honestly administer the affairs of
the FSC and will not knowingly violate or willingly permit to be
violated any of the provisions of law applicable to the FSC, and the
oath, subscribed by the manger or agent or corporate officer taking
it, has been transmitted to the Director and filed in the Director’s
office.
Frequently Asked Questions About Guam § 78102
What does Guam Code Annotated § 78102 cover?
Section 78102 ("FSC License Requirements.") is part of the Guam Code Annotated, the codified statutory law of Guam. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Guam § 78102?
A common citation format is "Guam Code Annotated § 78102" (Guam). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Guam law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Guam official source linked on this page or consult a licensed Guam attorney.
How does Guam § 78102 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Guam can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Guam.