Procedure for Granting or Denying License

COL4122017 CH. 160 GUAM-BASED TRUST COMPANIES ACT

(a)Within forty-five

(45)days following the filing of the application for a license, the Commissioner shall investigate the facts of the application and the other requirements of this Chapter to determine:

(1)that the persons who will serve as directors or officers are qualified by character and experience;

(2)that the financial strength of the significant incorporators, ten percent (10%) or more ownership, are commensurate with the undertaking;

(3)that the name of the proposed company is not deceptively similar to that of another Trust Company or otherwise misleading;

(4)that the capital and surplus are not less than the required minimum; and

(5)such other matters concerning the proposed Trust Company as the Commissioner may deem relevant.

(b)Within thirty

(30)days after the application is filed, the Commissioner shall conduct a public hearing to consider the application. The Commissioner shall give two

(2)written notices of the public hearing in a newspaper of general circulation on Guam. Publication of such notices should be no more than fifteen

(15)days, nor less than two

(2)complete days, before the hearing date. Costs of publication and other directly related expenses shall be paid by the applicant.