Statement of Purposes

The purposes of each domestic association hereafter incorporated, as stated in its articles of incorporation, shall include the statement that it is formed to encourage industry, frugality, home building and the accumulation of savings (and such statement shall add either among its members, among its certificate holders, or among its members and certificate holders, and may also add and among others); the accumulation of savings; the loaning of the moneys or funds so accumulated, with the profits and earnings thereon, (and such statement shall add either to its members, to its certificate holders, or to its members and certificate holders, and such statement may also add and to others); and, subject to provisions contained in or authorized by this Act, the repayment (and such statement shall add either to each member, to each certificate holder, or to each member or certificate holder) of his savings and profits, whenever they have accumulated to the full par value (and such statement shall add either of his shares, of his investment certificates, or of his shares or investment certificates), or at any time when he shall desire to withdraw the same or when the association shall desire to repay the same; and may also state that it formed for any or all of the purposes specified in this Act; and notwithstanding any thing to the contrary in the statutes of Guam, any association in any of its advertisements may set forth any of the foregoing purposes. The articles of incorporation of each domestic association shall state whether such association is formed for the purpose of issuing stock, or shares and stock; and shall also state either that such association is formed for the purpose of issuing investment certificates, or that such association is not formed for such purpose. Such articles of incorporation may also include any other provisions which are not in conflict with the law.