11 Guam Code Ann. § 106351
Terms Used In 11 Guam Code Ann. § 106351
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- 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
56
COL292017
11 Guam Code Ann. FINANCE & TAXATION
CH. 106 BANKS
(a) Acquisition of a branch means the acquisition of a branch located in a host state, without engaging in an Ainterstate merger transaction@ as defined in this Article.
(b) Bank means an Ainsured bank@ as defined in 12 U.S.C. Section 1813(h); provided that the term Abank@ shall not include any Aforeign bank@ as defined in 12 U.S.C. § 3101(7), except that the term Abank@ shall include any foreign bank organized under the laws of a territory of the United States, including Puerto Rico, Guam, American Samoa, or the U.S. Virgin Islands, the deposits of which are insured by the Federal Deposit Insurance Corporation.
(c) Bank holding company has the meaning set forth in
§100102 of this Title.
(d) Bank supervisory agency means:
(1) Any agency of a state with primary responsibility for chartering and supervising banks; and
(2) The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Gover- nors of the Federal Reserve System and any successor to these agencies.
(e) Branch has the meaning set forth in § 106601 of this
Chapter.
(f) Control has the meaning set forth in §100102 of this Title. (g) De novo branch means a branch of a bank located in a host
state which:
(1) Is originally established by the bank as a branch; and
(2) Does not become a branch as a result of
(A) the acquisition of another bank or branch of another bank, or
(B) the merger, consolidation or conversion involving any bank or branch.
(h) Guam bank means a bank whose home state is Guam. (i) Home state means:
57
COL292017
11 Guam Code Ann. FINANCE & TAXATION
CH. 106 BANKS
(1) With respect to a state bank, the state by which the bank is chartered; and
(2) With respect to a national bank, the state in which the main office of the bank is located.
(j) Home state regulator means, with respect to an out-of-state bank, the bank supervisory agency of the state in which the bank is chartered.
(k) Host state means a state, other than the home state of a bank, in which the bank maintains, or seeks to establish and maintain a branch.
(l) Interstate merger transaction means:
(1) The merger or consolidation of banks with different home states, including the conversion of branches of any bank involved in the merger or consolidation into branches of the resulting bank; or
(2) The purchase of all or substantially all of the assets (including all or substantially all of the branches) of a bank whose home state is different from the home state of the acquiring bank.
(m) Out-of-state bank means a bank whose home state is a state other than Guam.
(n) Out-of-state state bank means a bank chartered under the laws of any state other than Guam.
(o) Resulting bank means a bank that has resulted from an interstate merger transaction under this Article.
(p) State, whenever this word is used in its uncapitalized form, means any state of the United States, the District of Columbia, and any territory of the United States, including Puerto Rico, American Samoa, Guam and the U.S. Virgin Islands.
(q) Substantially all means, with respect to the total assets or the total number of branches of a bank, at least ninety percent (90%).
(r) Territorial bank has the meaning set forth in §100102 of this
Title.
58
COL292017
11 Guam Code Ann. FINANCE & TAXATION
CH. 106 BANKS
2013 NOTE: Pursuant the authority granted by 1 GCA § 1606, subsection designations were added/altered to adhere to the Compiler’s alpha-numeric scheme.