association may issue investment certificates, with or without passbooks. The holders of investment certificates shall have no liability for debts or assessments, and shall be entitled upon liquidation of an association to receive payment in full before any payment or distribution shall be made to shareholders or stockholders. The holders of investment certificates shall have no right to participate in the profits or dividends. Except in connection with mergers, consolidations or transfers pursuant to Section 113105 of this act, no investment certificate shall hereafter be issued for a consideration other than cash or cancellation of outstanding investment certificates of the same association of equal value or, with the approval of the commissioner, of different values. Subject to the provisions of this act and of the respective investment certificates, certificate holders shall be entitled to have interest paid or credited at the rate determined pursuant to Section 127109 and to the return of their principal with accrued interest upon withdrawal, redemption or maturity. Investment certificates may be issued as full paid investment certificates, installment certificates or accumulative investment certificates. If so provided in any investment certificate, interest thereon shall not exceed a specified rate. Subject to the provisions of Section 121104 of this act, interest on installment investment certificates hereafter issued shall continue to accrue after the maturity thereof until such certificates shall be withdrawn.

(a) Full Paid Certificates. A full paid investment certificate shall be an investment certificate, without an expressed date of maturity, for which the association shall have received the principal amount thereof at or prior to the time of the issuance thereof.
(b) Installment Certificates. An installment investment certificate shall be an investment certificate not full paid, upon which the holder shall be obligated to make payments at the times and in the amounts specified therein.

COL063006
11 Guam Code Ann.FINANCE & TAXATION
CH. 121 INVESTMENT CERTIFICATES

(c) Accumulative Certificates. An accumulative investment certificate shall be an investment certificate, not fully paid and without an expressed data of maturity, upon which the holder shall have the option of make payments at such times and in such amounts as such holder may elect and as the association may permit.

SOURCE: GC §41250.