(a) The initial fee to be paid for a Trust Company license must be in proportion to the authorized capitalization of the Trust Company as follows:

(1) a Trust Company having a capitalization of more than One Hundred Thousand Dollars ($100,000.00), up to and including Five Hundred Thousand Dollars ($500,000.00), shall pay a license fee of Five Hundred Dollars ($500.00);

(2) a Trust Company having a capitalization of more than Five Hundred Thousand Dollars ($500,000.00), up to and including One Million Dollars ($1,000,000.00), shall pay a license fee of Seven Hundred Fifty Dollars ($750.00); and

(3) a Trust Company having a capitalization of more than One Million Dollars ($1,000,000.00) shall pay a license fee of One Thousand Dollars ($1,000.00).

(b) In addition, every Trust Company shall pay an initial license fee of One Hundred Dollars ($100.00) for each branch office that may be authorized by the Commissioner.

(c) Thereafter, every Trust Company shall pay annually, on or before June 30 of each year, a license fee which must be in proportion to its initial paid-in capital and surplus, or to its net worth as of December
31st of the preceding year, whichever is higher, as follows:

(1) a Trust Company having a capitalization of less than One Hundred Thousand Dollars ($100,000.00) shall pay a license fee of Two Hundred Fifty Dollars ($250.00);

(2) a Trust Company having a capitalization of more than One Hundred Thousand Dollars ($100,000.00), up to and including Five Hundred Thousand Dollars ($500,000.00), shall pay a license fee of Five Hundred Dollars ($500.00);

(3) a Trust Company having a capitalization of more than Five Hundred Thousand Dollars ($500,000.00), up to and including One Million Dollars ($1,000,000.00), shall pay a license fee of Seven Hundred Fifty Dollars ($750.00); and

COL4122017
11 Guam Code Ann. FINANCE & TAXATION
CH. 160 GUAM-BASED TRUST COMPANIES ACT

(4) A Trust Company having a capitalization of more than One Million Dollars ($1,000,000.00) shall pay a license fee of One Thousand Dollars ($1,000.00).

(d) All money collected under the provisions of this Section must be paid into the special purpose trust account as directed under § 160307.

2017 NOTE: Subsection/subitem designations altered pursuant to the authority of
1 Guam Code Ann. § 1606.