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11 Guam Code Ann.FINANCE & TAXATION
CH. 119 GUARANTEE STOCK

assessment made in accordance with the provisions of Chapter 3, Title
18, Guam Code Annotated, or offer for sale, negotiate for the sale of, or take subscriptions for, or issue any of its stock, until it shall have first applied for and secured from the commissioner a permit authorizing it so to do. Such application shall be in writing, shall be verified as provided in the Title 7, Guam Code Annotated for the verification of pleading, and shall be filed in, the office of the commissioner. In such application the association shall set forth the names and addressee of its officers, the location of its office, an itemized account of its financial condition, the amount and character of its assets and liabilities, a copy of any contract it proposes to make concerning the sale of its stock, a copy of any prospectus or advertisement or other description of its stock then prepared by or for it for distribution or publication, a copy of all minutes of any proceedings of its directors, shareholders or stockholders relating to or affecting the issue of such stock, and such additional information concerning the association, its condition and affairs as the commissioner may require. Upon the filing of such application, it shall be the duty of the commissioner to examine it and the other papers and documents filed therewith, and he may, if he deems it advisable, make or have made a detailed examination, audit, and investigation of the association and its affairs. If he finds that the proposed plan for the issue and sale of such stock is not such as, in his opinion, will work a fraud upon the purchaser thereof, the commissioner shall issue to the association a permit authorizing it to issue and dispose of its stock in such amounts and for such considerations and upon such terms and conditions as the Commissioner may in such permit provide. Otherwise, he shall deny the application and notify the association in writing of his decision. Every permit shall recite in bold type that the issuance thereof is permissive only and does not constitute a recommendation or endorsement of the stock permitted to be issued. The commissioner may impose conditions requiring the impoundment of the proceeds from the sale of such stock, limiting the expense in connection with the sale thereof, and such other conditions as he may deem reasonable and necessary or advisable to insure the disposition of the proceeds from the sale of such stock in the manner and for the purposes provided in such permit. The Commissioner may from time to time amend, alter, or revoke any permit issued by him, or temporarily suspend the rights of the association under such permit. The Commissioner shall have the power to establish such rules and regulations as may be reasonable or necessary to carry out the purposes

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11 Guam Code Ann.FINANCE & TAXATION
CH. 119 GUARANTEE STOCK

and provisions of this section.

This section shall be limited to stock and shall not apply to shares or investment certificates.

SOURCE: GC §41201.