l investment certificates hereafter issued shall be subject to redemption, either in whole or part, at the option of the association at any time after the issuance thereof, by giving the holder at least thirty (30) days notice of such intended redemption; provided, however, that an association may provide that such certificates shall not be subject to redemption for an initial period after the issuance thereof, which initial period shall not exceed one (1) year. The redemption price of all

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11 Guam Code Ann.FINANCE & TAXATION
CH. 121 INVESTMENT CERTIFICATES

Investment certificates shall be the value thereof at the date fixed for redemption, if the date fixed for redemption is not a date on which interest is to be paid or credited, interest accrued from the last such date shall be pro-rated and shall be based on the rate of return for the current period if such rate shall have been determined prior to the date fixed for such retirement, and if not, shall be based on the rate of return determined for the latest previous period for which such rate shall have been determined. On or after the date fixed for redemption, as stated in the notice of redemption, each holder of an investment certificate called for redemption shall surrender his certificate properly endorsed to the association, and shall thereupon be entitled to receive payment of the redemption price of such certificate, or of the Portion thereof to be redeemed; and in case a certificate shall be redeemed in part, to receive a new certificate representing the unredeemed part thereof. If such notice of intended redemption shall have been duly given and if on or before the date fixed for such redemption funds necessary for such redemption shall be and continue available therefor, then, notwithstanding that any certificate called for redemption in whole or in part shall not have been surrendered, the interest thereon, with respect to the amount called for redemption, shall cease to accrue after the date fixed for such redemption, and all rights of the holder in respect of the amount so called for redemption shall forthwith after such redemption date cease and determine, except only the right of the holder to receive the redemption price without interest after the date fixed for redemption. In all cases the notice of redemption shall expressly state that interest will cease on the date fixed for redemption.
SOURCE: GC §41253.

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