Right of Foreign Banking Corporation to Engage in Business

Requirements to do Business in Guam. Approval of Money or Securities Deposited with the Director of Administration; Deposit with Director of Administration; Responsibility of Guam; Deposit of Money; Exchange and Withdrawal of Securities; Deposit of Additional Money or Securities; Investigation of Securities: Sale and Transfer of Securities. Assets, Books of Account and Records in Guam for Business to be Separate: Priority of Creditors of Business in Guam. Approval of Application; Issuance of License; Transfer; Display. Suspension or Revocation of License. Business Which may be Transacted in Guam. Accepting Deposits from Foreign State or Person, etc. Accepting Domestic Deposits. Loans Secured by Mortgages on Real Property and Acceptance of Assignments of Mortgages Covering Real Property in Guam. Loans: Purchase or Sale of Bonds. Report to Commissioner: Verification; Content; Formal Verification; Financial Information. Same: Failure to Make Report or Furnish Information: Penalty; False Statements. Failure to Comply with Chapter: Penalty. Transaction of Business in Guam on Behalf of Foreign Banking Corporation not Authorized: Penalty. Right of Foreign Banking Corporation to Engage in Business. A foreign banking corporation shall not engage in the banking or trust business on Guam, unless it is licensed to do so pursuant to the provisions of § 106725, and unless it first complies with all the provisions of this Chapter and Chapter 7 of Title 18 of the Guam Code Annotated, and then only to the extent expressly permitted in this Chapter, or by regulations of the Board. In transacting such business a foreign banking corporation shall comply with all applicable provisions of this Title and of the laws of Guam.