18 Guam Code Ann. § 12101
Terms Used In 18 Guam Code Ann. § 12101
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(a) Corporation means a Territory of Guam industrial development corporation created under this Chapter. (b) Financial institution means any banking corporation or trust company, savings and loan institution, insurance company or related corporation, part- nership, foundation, or other institution engaged primarily in lending or investing funds.
(b) Financial institution means any banking corporation or trust company, savings and loan institution, insurance company or related
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18 Guam Code Ann. BUSINESS STRUCTURE & FUNCTION
CH. 12 INDUSTRIAL DEVELOPMENT CORPORATIONS
corporation, partnership, foundation, or other institution engaged primarily in lending or investing.
(c) Member means any financial institution authorized to do business within this territory which shall undertake to lend money to a corporation created under this Chapter, upon its call, and in accordance with the provisions of this Chapter.
(d) Loan limit means for any member, the maximum amount permitted to be outstanding at one time on loans made by such member to the corporation, as determined under the provisions of this Chapter.
SOURCE: CC § 606; added by P.L. 9-118 (8/25/67). All references, unless otherwise noted, will be to P.L. 9-118.