Commissioner to Issue Certificate of Incorporation;

Commissioner Must Authorize Business Before Company May Transact Business.

(a)The Commissioner shall issue a certificate in the form provided by law for other corporations, and the existence of the Trust Company as a corporation dates from the issuance of the certificate by the Commissioner, from which time it has and may exercise the powers conferred by law upon corporations generally, except as limited or modified by this Chapter. COL4122017 CH. 160 GUAM-BASED TRUST COMPANIES ACT

(b)The Trust Company shall transact no business, except the election of officers, and the taking and approving of their official bonds, and the receipt of payments on account of the subscriptions of the capital stock, and such other business as is incidental to its organization, until it is authorized by the Commissioner to commence the Trust Company business as provided in this Chapter.