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Terms Used In 4 Guam Code Ann. § 8144

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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.
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
The Board shall engage one or more custodians to assume responsibility for the physical possession of fund assets or evidences of assets.

(a) The custodian shall submit such reports, accountings

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4 Guam Code Ann. PUBLIC OFFICERS & EMPLOYEES
CH 8 RETIREMENT OF PUBLIC EMPLOYEES

and other information in such form and at such times as requested by the Board. All costs incurred for custodial services shall be a direct charge to Investment Income.

(b) The custodian shall hold all assets for the account of the Government of Guam Retirement Fund and shall act only upon the instructions of the Board, its ex-officio director, or a member, committee or agent so authorized by the Board.

(c) No custodian shall be engaged unless it:

(1) has been continuously engaged in rendering custody services for a period of ten (10) or more years; and

(2) is organized under the laws of the United
States or a state or territory thereof; and

(3) has Tier 1 capital in excess of One Billion
Dollars ($1,000,000,000); and

(4) is a member of the Federal Reserve System whose deposits are insured by the Federal Deposit Insurance Corporation or any successor thereto; or

(5) notwithstanding any of the above, any locally chartered bank may be a custodian of the Retirement Fund.

SOURCE: GC § 4225.1, as amended by P.L. 13-199 (Nov. 11, 1976). Amended by P.L. 32-086:5 (Nov. 27, 2013), P.L. 32-135:2 (Mar. 2, 2014).

2018 NOTE: Subsection/subitem designations added/altered pursuant to authority granted by 1 Guam Code Ann. § 1606.
2014 NOTE: Pursuant to P.L. 32-135:5 (Mar. 2, 2014): Section 5. Effective Date. This Act shall become
effective retroactively to the enactment date of Public
Law No. 32-086, November 27, 2013.

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