Banks Eligible to Receive Deposits

As used in this Chapter, eligible bank shall mean any bank organized and operating under the National Banking Laws as a national bank and approved by the Director of Administration; any bank or territorial bank organized under the laws of any state or territory of the United States authorized and licensed to conduct the business of banking in Guam and approved by the Director of Administration; and any savings and loan association organized under the laws of Guam which is an insured institution as defined in Title IV of the National Housing Act and which has been approved by the Director of Administration.