12 Guam Code Ann. § 4209
Terms Used In 12 Guam Code Ann. § 4209
- 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.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
other funds of the Government or GHC. All monies received by GHC from the Government for funding of Interest Free Loans provided herein shall be deposited in the Trust and shall be used solely for that purpose. GHC shall distribute and manage the Trust proceeds.
NOTE: P.L. 21-099:4 and 5 (Mar. 31 1992), stated:
Section 4. All unused funds previously appropriated to the Corporation Subsidy Fund shall be transferred to the Community Affordable Housing Action Trust.
Section 5. Interest earned on the undisbursed proceeds in the Community Affordable Housing Action Trust and the Foreclosure Protection Fund shall be retained by GHC to cover its expenses in managing these funds.
P.L. 21-099:7 further stated:
Section 7. Authorization for Appropriations. (a) Four Million Five Hundred Thousand Dollars ($4,500,000) are hereby authorized to be appropriated from the General Fund to the Community Affordable Housing Action Trust established in
4209 of Article 2, Chapter 4, Title 12, Guam Code Annotated, and Five Hundred Thousand Dollars ($500,000) are hereby authorized to be appropriated to the Foreclosure Protection Fund established in 4214 of such Article 2, for the
purpose of carrying out the provisions of such Article 2.
(b) One Million Dollars ($1,000,000) are authorized to be appropriated to the Government Loan Guarantee Fund established in 4403 of Article 4, Chapter 4, Title 12, Guam Code Annotated, for carrying out the provisions of said Article 4.