22 Guam Code Ann. § 15311
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Terms Used In 22 Guam Code Ann. § 15311
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
A domestic insurer may merge or consolidate with another insurer, subject to the following conditions:
(a) The plan of merger or consolidation must be submitted to and be approved by the Commissioner in advance of the merger and consolidation.
(b) The Commissioner shall not approve any such plan unless he finds, after a hearing, that it is fair, equitable, consistent with law, and that no reasonable objection exists. If the Commissioner fails to approve the plan, he shall state his reasons for such failure in his order made on such hearing.
SOURCE: GC § 43160.