Conversion of National into Territorial Bank

(a)Except as provided in § 106310, a national bank located in Guam which follows the procedure prescribed by the laws of the United States to convert into a territorial bank, may be granted a charter by the Commissioner if the Commissioner finds that each office of the national bank is legally in operation, that the resulting territorial bank will have an adequate capital structure, including surplus, in relation to its deposit liabilities and its other activities, not less than the capital structure required for a new territorial bank and that the officers and directors of the resulting bank are persons of sound judgment and discretion.

(b)The national bank may apply for such charter by filing with the Commissioner

(1)a certificate signed by its president and cashier, and by a majority of the entire board of directors, setting forth the corporate action taken in compliance with the provisions of the laws of the United States governing the conversion of a national to a territorial bank, and

(2)the plan of conversion and the proposed articles of incorporation approved by the stockholders, for the operation of the bank as a territorial bank.