) If after notice and hearing as hereinafter provided, the Director of Revenue & Taxation shall determine that any American lender having on file a statement as provided in § 35105, (1) maintains an office in Guam, (2) conducts its principal activities in Guam, or (3) is or was formed or availed of by or for the account or benefits, directly or indirectly, of one or more residents of, corporations organized under the laws of, or employee benefit plans organized or having their principal offices in Guam with a view to avoiding the imposition of any taxes imposed by Guam, the Director shall by order cancel the American lender=s statement.

(b) In giving notice of and conducting hearings, and in making and entering orders, pursuant to subsection n(a), the Director shall have all of powers conferred on him as the Commissioner of Banking and Insurance by, and shall observe and comply with, and the hearings shall be

COL 03072011
11 Guam Code Ann. FINANCE & TAXATION
CH. 35 AMERICAN INVESTORS ACT

conducted at the time or times in the manner specified in, and subject in all respects to The Insurance Code of Guam (22 Guam Code Ann., Chapter 15). Appeals from orders made and entered pursuant to subsection (a) of this section may be taken at the time and in the manner provided for to the Superior Court of Guam.
SOURCE: GC § 43600.5.

NOTE: The final sentence in the original referred to Athe Island Court or its successor@. While the Court Reorganization Act of 1974 (P.L. 12-85) had been passed at the time this Chapter became law, the Superior Court had not been organized, thus the reference. Accordingly, the Compiler has changed to reference to the Superior Court of Guam, which is the successor to the Island Court.
2011 NOTE: Reference to the “”Insurance Commisioner”” in subsection (b)
changed to the “”Commissioner of Banking and Insurance”” pursuant to P.L. 27-
088:10 (May 6, 2004).