11 Guam Code Ann. § 106729
Terms Used In 11 Guam Code Ann. § 106729
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
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11 Guam Code Ann. FINANCE & TAXATION
CH. 106 BANKS
(b) A foreign banking corporation may transact in this Territory the business of accepting deposits from any person who is domiciled and maintains its principal place of business within the Territory if:
(1) Such foreign banking corporation has complied with all of the requirements of § 106722; and
(2) Such deposits may only be accepted from persons who are or were borrowers from a bank accepting the deposit, provided that the balance of any deposit account shall not exceed the larger of the total current indebtedness of the depositor running to the bank or the largest amount of such indebtedness outstanding on any day during the previous calendar month.
(c) A foreign banking corporation may accept and hold the deposits of other bank within the Territory when a correspondent relationship exists with such other banks.
SOURCE: GC § 30927.1. Added by P.L. 14-74:6.