12 Guam Code Ann. § 4104
Terms Used In 12 Guam Code Ann. § 4104
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
(a) To have perpetual succession.
(b) To adopt, alter and use a corporate seal, which shall be judicially noticed.
(c) To adopt, amend and repeal by laws governing the conduct of its business and the performance of the powers and duties granted to or imposed upon it by law.
(d) To sue and to be sued in its corporate name.
(e) To determine the character of and the necessity for its obligations and expenditures and the manner in which they shall be incurred, allowed and paid, subject to the laws applicable specifically to government corporations.
(f) To acquire, in accordance with Title VII-A of the Government Code and the laws of Guam, any property, real, personal or mixed, tangible or intangible, to hold, maintain, use and operate the same; and to sell, lease or otherwise dispose of the same, whenever any of the foregoing transactions are deemed necessary or appropriate to the conduct of the activities authorized by this Chapter, and on such terms as may be prescribed by the Housing Corporation.
(g) To enter into and perform such contracts, leases, cooperative agreements or other transactions with any agency or instrumentality of the United States, or with any state, territory or possession, or with any political subdivision thereof, or with any person, firm, association or corporation, as may be deemed necessary or appropriate to the conduct of the activities authorized by this Chapter, and on such terms as may be prescribed by the Housing Corporation. Provided, that in no case shall the Housing Corporation contract to undertake an activity for any agency or instrumentality of the United States, or for any state, territory or possession, or for any political subdivision thereof, unless the latter is authorized by law to undertake such activity and furnishes the funds for such purpose.
(h) To execute all instruments necessary or appropriate in the exercise of any of its functions.
(i) To appoint, pursuant to the provisions of the personnel rules adopted pursuant to 4 Guam Code Ann. §§ 4105 and
4106, such officers, agents, attorneys and employees, as
may be necessary for the conduct of the business of the Housing Corporation; to delegate to them such powers and to prescribe for them such duties as may be deemed appropriate by the Housing Corporation; to fix and pay such compensation to them for their services as the Housing Corporation may determine, without regard to the compensation laws and to require bonds from such of them as the Housing Corporation may designate, the premiums, therefore, to be paid by the Housing Corporation. Any member of said Board who is found by the Governor or his representative to be guilty of a violation of this Section shall be removed from office by the Governor and any appointee of said Board who is found by the Board to be guilty of a violation of this Section shall be removed from office by said Board. The Housing Corporation shall give due consideration to residents of Guam in the selection and promotion of its officers and employees.
(j) To accept gifts or donations of services or of property — real, personal or mixed, tangible or intangible — in aid of any of the activities authorized by this Chapter.
(k) To settle and adjust claims held by it against other persons or parties and by other persons or parties against the Housing Corporation.
(l) To take such action as may be necessary or appropriate to carry out the powers and duties herein or hereafter specifically granted to or imposed upon it.
(m) To borrow funds required to finance or refinance its revenue producing projects or to finance or refinancing a home financing program under § 4602 by the issuance, from time to time, of bonds under such terms and conditions as the Housing Corporation may prescribe, and to pledge and assign specified revenues and other property of the Housing Corporation to the repayment of such bonds.
SOURCE: GC § 20003 Subsection (f) amended by P.L. 16-124; Subsection (i) amended by P.L. 16-23; Subsection (m) amended by P.L.16-42. Subsection (a) amended by P.L. 24-81:4. Subsection (m) amended by P.L. 24-81:5.