11 Guam Code Ann. § 162101
Terms Used In 11 Guam Code Ann. § 162101
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiduciary: A trustee, executor, or administrator.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
(a) Collective investment fund means a fund maintained by a financial institution that consists solely of assets of retirement, pension, profit sharing, stock bonus or other trusts that are exempt from federal income tax.
(b) Commissioner means the Commissioner of Banking and Insurance, appointed under § 103102 of Chapter 103 of Title 11, Guam Code Ann..
(c) Fiduciary means a financial institution or other person acting in the capacity of guardian, conservator, personal representative, or trustee, either solely or together with others, or custodian under a uniform gifts or transfer to minors act of any state or territory.
(d) Financial institution means a territorial bank, a state bank, a national bank, a state or federally chartered savings and loan association, or a trust company under the Guam-Based Trust Companies Act that, in each case, is authorized to act in a fiduciary capacity in Guam.
(e) Fund means a collective investment fund.
11 Guam Code Ann. FINANCE & TAXATION
CH. 162 COLLECTIVE INVESTMENT FUNDS ACT
(f) Participating Account means a trust or other fiduciary account that has contributed assets to a collective investment fund.
(g) Plan means the written plan for a fund described in §162103.
SOURCE: Added by P.L. 32-038:1 (June 7, 2013).