(a) When an application for a charter has been filed with the Commissioner he shall make or cause to be made a careful investigation and examination relative to the following:

(1) The character, reputation, and financial standing of the organizers or incorporators and their motives in seeking to organize the proposed territorial bank.

(2) The character, financial responsibility, banking or trust experience, and business qualifications of those proposed as officers of the bank.

(3) The character, financial responsibility, business experiences and standing in the community of the prospective stockholders and of those proposed as directors of the bank.

(4) The need in the municipality where the bank would be located for banking or banking and trust facilities, or additional banking or banking and trust facilities, as the case may be, giving particular consideration to the adequacy of existing banking and trust facilities therein.

(5) The ability of the territory to support the proposed bank, giving consideration to

(A) the competition offered by existing banks and other financial institutions;

(B) the banking history of the territory;

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(C) the opportunities for profitable employment of bank funds as indicated by the average demand for credit, the number of potential depositors, the volume of bank transactions, and the business and industries of the territory, with particular regard to their stability, diversification and size; and

(D) if the bank is to exercise trust powers, the opportunities for profitable employment of fiduciary services.

(6) Such other facts and circumstances bearing on the proposed bank and its relation to the territory as in the opinion of the Commissioner or the Board may be relevant.

(b) The Commissioner shall submit a report of the results of his investigation to the Board, together with all papers, correspondence and information in his possession relating to the application for a charter, and shall include therewith his recommendation in the matter.

(c) Within 90 days after the filing of the application, the Board shall consider the Commissioner’s findings and recommendations and all other relevant information available to them, and the Board shall in its discretion approve or disapprove the application, but it shall not approve the application until it has ascertained to its satisfaction:

(1) That the public need and advantage will be promoted by the establishment of the proposed bank.

(2) That conditions in Guam and in the municipality in which the bank would transact business afford reasonable promise of successful operation.

(3) That the bank is being formed for no other purpose than the legitimate objects contemplated by this Title.

(4) That the proposed capital and surplus are not less than the required minimum and are adequate in the light of current and prospective banking conditions.

(5) That those proposed as officers and directors have sufficient experience, ability and standing to afford reasonable promise of successful operation.

(6) That the name of the proposed bank does not resemble, so closely as to be likely to cause confusion, the name of any other

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bank transacting business in Guam or which previously had transacted business in Guam during the last 20 years; and

(7) That the applicants have complied with all applicable provisions of this Title.

(d) If the Board shall approve the application the Commissioner shall grant a charter by indorsing his approval on all copies thereof, retaining one copy in the department’s files, and returning one copy to the incorporators within 20 days of the action of the Board approving the application.

(e) If the Board shall disapprove the application the Commissioner shall mail notice of such disapproval to the incorporators within 20 days after the action of the Board disapproving the application.

SOURCE: GC § 30506.

2013 NOTE: Pursuant the authority granted by 1 Guam Code Ann. § 1606, numbers and/or letters were altered in subsection (a)(5) to adhere to the Compiler’s alpha-numeric scheme.