17 Guam Code Ann. § 23108
Terms Used In 17 Guam Code Ann. § 23108
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Trustee: A person or institution holding and administering property in trust.
COL120106
17 Guam Code Ann. EDUCATION
CH. 23 SMALL BUSINESS INCUBATION
or in any manner received by the incubator, its improvement or adornment, or the aid or advantage of its clients or staff, and in general act as trustee on behalf of the incubator for any such purposes or objects, based on approval by the Board.
(b) The Board may adopt a schedule of fees that shall be charged by the Incubator for its services, publications and presentations. Such fees and other monies as may be available to Incubator from any other source, other than locally or federally appropriated funds, shall be deposited in a special account known as the “Small Business Incubator Revolving Fund” for use by the Incubator, subject to the approval of the Board, for carrying out the operations and activities of the Incubator.
(c) Funds appropriated to the Incubator shall be expended only as provided by the act making such appropriation.
(d) The Board shall cause to be kept appropriate books of all resources under the control of the incubator and provide a report of such accounts annually, on the thirtieth day of October of each year, to the Committee on Economic Development of the Guam Legislature.
———-
COL120106