Powers of Licensed Trust Companies; Banking Business

Prohibited.

(a)Each licensed Trust Company may: COL4122017 CH. 160 GUAM-BASED TRUST COMPANIES ACT

(1)act as trustee under any mortgage or bond of any person or of any municipality or body politic;

(2)accept and execute any municipal or corporate or individual trust consistent with the laws of Guam;

(3)act under the order or appointment of any court as guardian, administrator, receiver or trustee;

(4)act as executor or trustee under any will or inter vivos trust;

(5)act as fiscal or transfer agent of any state, municipality, body politic or corporation, and in such capacity receive and disburse money and register, transfer and countersign certificates of stock, bonds and other evidences of indebtedness;

(6)act as local or resident agent of foreign corporations;

(7)accept and execute any trust business;

(8)acquire the fiduciary rights, powers, duties and liabilities of a bank, savings and loan association, thrift company, or Trust Company licensed pursuant to Title 11 of the Guam Code Annotated, and upon the effective date of such an acquisition, the fiduciary rights, powers, duties and liabilities of the bank, savings and loan association, thrift company, or Trust Company vest in and must be performed by the acquiring Trust Company; and

(9)do and perform all acts necessary to exercise the powers enumerated in this Subsection and authorized by this Chapter.

(b)A Trust Company may not engage in any banking business by accepting deposits or making loans.