5 Guam Code Ann. § 87107
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Terms Used In 5 Guam Code Ann. § 87107
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(a) The Corporation is authorized to use its funds, from whatever source derived, in the exercise of its corporate powers and functions, subject to the requirements of the funding source.
(b) The Corporation shall contribute to, or as authorized by Legislative appropriation, provide for the government’s share of the costs of retirement benefits applicable to the Corporation’s employees and their beneficiaries. The Corporation shall provide Workers’ Compensation coverage for its employees.