12 Guam Code Ann. § 50104
Terms Used In 12 Guam Code Ann. § 50104
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(a) To have perpetual succession, unless sooner terminated by law.
(b) To adopt, alter and use a corporate seal, which shall be judicially noticed.
(c) To adopt, amend and repeal bylaws and other rules, regulations and directives governing the conduct of its business, and the performance of the powers and duties granted to or imposed upon it by law. No rule or regulation other than that covering the internal conduct of the Corporation shall be adopted without a public hearing thereon in the manner prescribed by law.
(d) To sue and to be sued in its corporate name.
(e) To determine the character of and the necessity for its obligations and expenditures and the manner in which they shall be incurred, allowed and paid.
(f) To acquire, in any lawful manner, any real property, and to hold, maintain, use and operate the same; and to sell, lease, encumber or otherwise dispose of the same, whenever any of the foregoing transactions are deemed necessary or appropriate to the conduct of the activities authorized by this Division, and on such terms as may be prescribed by the Corporation.
(g) To enter into and perform such contracts, leases, cooperative agreements, or other transactions with any agency or instrumentality of the United States, or with any
state, territory or possession or any political subdivision thereof, or with any person, firm, association or corporation, as may be deemed necessary or appropriate to the conduct of the activities authorized by this Division, and on such terms as may be prescribed by the Corporation.
(h) To execute all instruments necessary or appropriate in the exercise of any of its functions.
(i) To employ such employees to provide such clerical and technical assistance as may be necessary for the conduct of the business of the Corporation; to delegate to them such powers and to prescribe for them such duties as may be deemed appropriate by the Corporation; to fix and pay such compensation to them for their services as the Corporation may determine without regard to the provisions of the personnel and compensation law; to require bonds from such of them as the Corporation may designate, the premiums therefor to be paid by the Corporation, and to remove and discharge such employees and other clerical and technical assistants, pursuant to the provisions of the personnel regulations adopted pursuant to the provisions of 4 Guam Code Ann. § 4105 and § 4106.
(j) To accept gifts or donations of services, or of property — real, personal or mixed, tangible or intangible — in aid of any of the activities authorized by this Division.
(k) In accordance with Title 5 Guam Code Ann., Chapter 5 (Procurement Law), to construct, equip, operate and maintain buildings, works, factories, plants, forms, fisheries and other facilities, including all equipment, supplies and machinery incident thereto.
(l) To form or cause to be formed, to promote, to aid and to invest in any manner within its means in the promotion of any corporation or other association, and to cause or participate in the merger, consolidation, reorganization, liquidation or dissolution of any corporation or association in which, or in the business of which the Corporation shall have direct or indirect interest.
(m) To settle and adjust claims held by it against other persons or parties and by other persons or parties against the Corporation.
(n) To borrow funds required to finance revenue producing projects, and to dedicate revenue derived therefrom to the repayment of such loans.
(o) To recommend to the Governor of Guam the issuance, modification, revocation and suspension of Qualifying Certificates in accordance with the provisions of this Division. This power does not include the power to recommend that the Governor of Guam execute Exclusive Certificates.
(p) The Corporation shall submit to the Legislature, through the Governor of Guam, from time to time such legislation as it deems necessary to expeditiously and effectively foster desirable industry, commerce, hospital facilities, housing and tourism in Guam.
(q) To take such action and carry on any other operations and do all that may be necessary or appropriate to carry out the powers and duties herein or hereafter specifically granted to or imposed upon it.
(r) To endorse, guarantee and secure the payment and satisfaction of bonds, coupons, mortgages, deeds of trust, debentures, obligations, evidences of indebtedness and shares of stock of other corporations, as far as and to the extent that the same is necessary and appropriate to carry out the Corporation’s authorized and permissible activities under its powers and functions.
(s) To purchase from any person, firm, corporation or governmental entity, and to refinance, mortgages on residential real property, including single family dwellings, multiple family dwellings, condominiums and cooperative apartments, which are insured or guaranteed by an agency or instrumentality of the United States of America, by Guam, or by any other person, firms, corporation or governmental entity approved by the Board of Directors of the Corporation; to make commitments to purchase mortgages, conditionedupon the insurance or guarantee of such mortgages by an agency or instrumentality of the United States of America, by Guam, or by any other person, firm corporation or governmental entity approved by the Board of Directors of the Corporation; to impose fees and charges for its services; and through its Board, to issue such rules and regulations as may be necessary to carry out the provisions of this Division.
(t) To negotiate an agreement guaranteeing a loan for the construction of tourist attractions depicting the historical and cultural development of the Chamorro people. The guarantee agreement shall provide that the real property and improvements be pledged to the lender as security for repayment of the loan or to the Authority as security for the guarantee. Revenues collected by any such facility shall be pledged for repayment of the loan.
(u) To acquire in accordance with 5 Guam Code Ann., Chapter 5, any tangible personal property and to hold, maintain, use and operate the same; and to sell, lease, encumber or otherwise dispose of the same, whenever any of the foregoing transactions are deemed necessary or appropriate to the conduct of the activities authorized by this Division, and on such terms as may be prescribed by the Corporation.
(v) To acquire, in any lawful manner, any intangible personal property, and to hold, maintain, use and operate the same; and to sell, encumber or otherwise dispose of the same, whenever any of the foregoing transactions are deemed necessary or appropriate to the conduct of the activities authorized by this Division, and on such terms as may be prescribed by the Corporation.
SOURCE: GC § 53553; Subsection (f) amended by P.L. 16-124; Subsection (i) amended by P.L. 16-023; Subsection (k) amended by P.L.
16-124; Subsection (o) amended by P.L. 16-035; Subsection (p) amended by P.L. 11-033 and 12-069; Subsection (s) added by P.L. 11-033 amended by P.L. 17-039; Subsection (t) added by P.L. 16-088; Subsections (u) and (v) [originally added as (t) and (u)] added by P.L. 16-124.
2013 NOTE: Pursuant to the authority granted by 1 Guam Code Ann. § 1606, the reference in subsection (u) to Title VII-A of the Government Code was altered to reflect its codification in the GCA.
2022 NOTE: References to “”territory”” omitted and/or replaced with
“”Guam”” pursuant to 1 Guam Code Ann. § 420.