Revolving Loan Fund Creation, etc

There is within the government of Guam a Board of Trustees of the Revolving Loan Fund, hereafter referred to as the Board of Trustees, to consist of five members appointed by the Governor, two of which must be bona fide farmers. A member of the Department of Agriculture shall be appointed by the Governor as COL1/11/2022 CH. 60 DEPARTMENT OF AGRICULTURE the Executive Secretary of the Board of Trustees who shall have no voting power. The members of the Board of Trustees shall elect one of its members as Chairman. The members shall receive no compensation. The duties of the Board of Trustees shall be as follows:

(a)To establish administrative loan policies;

(b)To review and act on all loan applications;

(c)To require periodic examination and audit of the books and accounts of the Fund. The members of the Board of Trustees shall serve for a term of three years, except that the first two appointments shall serve for two years, the remaining three appointments shall serve for three years. Any vacancy occurring prior to the expiration of the term for which the predecessor was appointed, shall be appointed for the remainder of such term.