Guam § 87103 - Purposes and Authorized Activities of the Corporation;

§ 87103. Purposes and Authorized Activities of the Corporation;

General.

COL222017

(DEPARTMENT OF CHAMORRO AFFAIRS)

(a) The purpose and authorized activities of the Corporation are to

assist in the implementation of an integrated program for the

preservation, development and promotion of the Chamorro Heritage of

Guam, for the public benefit and to provide specific services to the

Chamorro people. It is intended that this Corporation be a catalyst in the

preservation, development and promotion of language, arts, humanities,

historic and cultural preservation, research, restoration, presentation,

museum activities and support programs significant to Guam’s history

and culture, and to enhance the future of the Chamorro people of Guam.

It is a further purpose of this Chapter to enable the Corporation to aid

private enterprise without unfairly competing with it in the expansion of

cultural and historical resources for Guam.

(b) Specific. The Corporation has the following specific purposes

and is authorized to:

(1) conduct, or cause to be conducted, research and

investigation into natural, cultural, medicinal and historic resources,

and to publicize the results of these activities as deemed necessary;

(2) except as specifically prohibited in this Chapter, make loans

to any person, firm, partnership or corporation licensed to do

business on Guam in furtherance of the purposes and activities

stated in this Chapter. (All loans made shall be of sound value or

secured to reasonably assure repayment. Each loan made by the

Corporation may be sold to a commercial lending institution for a

sum not less than the principal balance of the loan, and the proceeds

of the loan shall be returned to the capital fund of the Corporation,

subject to the terms specified in a resolution of the Board of

Trustees of the Corporation. Each loan made by the Corporation

shall include, wherever possible, an option on the part of the

Corporation to convert up to fifty percent (50%) of the total loan

into equity.);

(3) enter into contracts to provide grants or loans to individuals,

organizations or institutions, whether public or private, which are

engaged in projects or programs related to language, culture,

history, arts and humanities;

COL222017

(DEPARTMENT OF CHAMORRO AFFAIRS)

(4) receive and administer grants in furtherance of the

preservation, promotion and development of Chamorro heritage and

culture;

(5) obtain land belonging to the government of Guam as

required to carry out its purposes and objectives, under the terms

and tenure that I Liheslaturan Guåhan, by appropriate legislation,

prescribes;

(6) make direct loans to any person, firm, corporation or

governmental entity on residential real property for purposes of

restoration and historical site development; and

(7) accept loans of cultural or intellectual properties on a

custodial basis from individuals, families, organizations or

institutions with terms and conditions to be agreed upon by all

parties concerned.

(8) The Corporation shall have authority over and supervise the

Chamorro Village (I Sengsong Chamorro).