(a) Money or securities deposited with the Director of Administration by a foreign banking corporation pursuant to § 106722 shall first be approved by the Commissioner and upon his order shall be deposited with the Director of Administration.

(b) Upon receiving any such deposit the Director of Administration shall give his receipt there for and shall hold such deposit for the sole benefit of the creditors of such corporation’s Guam business. The Territory is responsible for the custody and safe return of any such deposits excepting only money or securities applied for the benefit of such creditors pursuant to any order of court. The Director of Administration shall deposit any such moneys in a separate fund, herein created, to be called the Foreign Banking Fund.

(c) Securities deposited pursuant to this Section may be exchanged from time to time, with the approval of the Commissioner, for other like securities of equal market value. Upon written request to the Commis- sioner, any such corporation shall be entitled to withdraw from the Director of Administration, from time to time, any amount of its securities so deposited in excess of the amount it is required to maintain on deposit in order to conform with requirements of this Chapter. Upon receiving a written request for such withdrawal or exchange, and satisfactory proof of the facts warranting the same, the Commissioner shall forthwith deliver to the Director of Administration a written order directing the withdrawal or exchange of such securities so as to conform with the provisions of this Chapter. The Director of Administration shall comply with such written order. So long as the corporation so depositing such securities shall continue solvent and shall discharge its Guam obligations promptly, it shall have the right and shall be permitted by the Director of Administration to receive the interest and dividends on any securities deposited by it.

(d) Should any security so depreciate in value as to reduce the deposit below the amount required, additional money or securities shall be deposited at the time such security is presented for deposit or at any time thereafter. The Commissioner may make such charge as may be reasonable and proper for such investigation.

(e) The Director of Administration may sell and transfer any securities deposited pursuant to this Chapter and may dispose of the proceeds only on the order of a court of competent jurisdiction and for the benefit of the creditors of such corporation’s business in Guam.

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COL292017
11 Guam Code Ann. FINANCE & TAXATION
CH. 106 BANKS

SOURCE: GC § 30922. Added by P.L. 13-111:5.

2013 NOTE: Pursuant the authority granted by 1 GCA § 1606, subsection designations were added to adhere to the Compiler’s alpha-numeric scheme.