Examination; Powers and Duties of Department of

Revenue and Taxation.

(a)The Commissioner of Banking and Insurance, or any examiner duly authorized, shall once during each year make a full examination into all the books, papers and affairs or any Trust Company doing business under §§ 160301, 160302, 160303 and 160304 of this Chapter, and in so doing, shall have power to administer oaths and affirmation and to examine on oath or affirmation the officers, agents and clerks of such company, touching the matter which they may be authorized to inquire into and examine, and to summon, and by subpoena compel the attendance of any person(s) on Guam to testify under oath in relation to the affairs of such company. COL4122017 CH. 160 GUAM-BASED TRUST COMPANIES ACT

(b)If the Commissioner has reason to believe the affairs of any corporation are not being conducted in compliance with said sections, the Commissioner may at any time make, or cause to be made, a special examination of the assets of such corporation.