Accepting Deposits from Foreign State or Person, etc

(a)In this section, “Person” means any person, firm, partnership. association, corporation, company, syndicate, estate, trust, business trust or organization of any kind, or any branch or division thereof which is located outside of Guam.

(b)A foreign banking corporation may transact in Guam the business of accepting deposits from any foreign state or from any person which resides, is domiciled, and maintains its principal place of business outside of Guam, if:

(1)Such foreign banking corporation has complied with all of the requirements of § 106722; and

(2)Such foreign banking corporation has received from the Commissioner his written approval to transact such business in Guam.

(c)A foreign banking corporation which transacts such business in Guam shall, with respect to business transacted by it in Guam, comply with and be subject to the provision of this Title.