Requirements to do Business in Guam

A foreign banking corporation shall not commence to do business in Guam until it has met the following requirements:

(a)It is authorized by its charter to transact the character of business described in § 106727 and has complied with the laws of the country under which it is incorporated. CH. 106 BANKS

(b)It has filed with the Commissioner a certified copy of its charter or articles of incorporation and of its by-laws and a copy of an application for a commercial license pursuant to §§ 72104 and 72105 of this Code.

(c)It has furnished to the Commissioner such proof of the nature and character of its business and its financial condition, stock ownership and management as he may require.

(d)It has designated the Commissioner and his successor in office by a duly executed instrument in writing, its agent, upon whom process directed to the corporation may be served. The Commissioner shall forward by mail, postage prepaid, a copy of every process served upon him under the provisions of this Subdivision, addressed to the manager or agent of such corporation at its principal place of business in Guam. For each copy of process the Commissioner shall collect the sum of Twenty-Five Dollars ($25.00) which shall be paid by the plaintiff or moving party at the time of service, to be recovered by him as a part of his costs.

(e)It has complied with all applicable requirements of the Title 18 Guam Code Annotated relating to foreign corporations except matters specifically otherwise provided for in this Title.

(f)Its manager or agent residing in Guam has taken an oath that he will, as far as the duty devolves upon him, diligently and honestly administer the affairs of the corporation and will not knowingly violate or willfully permit to be violated any of the provisions of law applicable to the corporation and the oath, subscribed by the manager or agent taking it, has been transmitted to the Commissioner and filed in his office.

(g)It has allocated and assigned to its Guam business a portion of its capital and surplus equal in amount to the amount of capital and surplus required by § 106204 for a bank commencing to do business on Guam.

(h)It has deposited with the Director of Administration evidences of indebtedness acceptable to him which:

(1)Are payable to bearer or recorded with the Commissioner’s name:

(2)Constitute readily marketable legal investments for funds held by a bank as a fiduciary; and

(3)Have a value equal to seventy-five percent (75%) of the minimum capital and surplus requirements set forth in § 106204.

(i)It has received from the License Board of the Department a commercial license pursuant to § 72102.