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Terms Used In 5 Guam Code Ann. § 1904

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
The Governor is charged with the implementation of this Article and may make regulations as to any matter relating to the implementation of the provisions of the Agreement and to the fulfillment of the obligations of the government of Guam thereunder, and in particular, to the status, immunities and privileges of the Bank, of its governors and directors and their alternates and of its employees.

SOURCE: Added as P.L. 22-148:1(d) (Dec. 29, 94). Codified by
Compiler.

§ 1905. Authorization of Appropriation and Payment of
Subscription.

(a) One Million Dollars ($1,000,000) are authorized to be appropriated, without fiscal year limitations, for the purchase of one thousand (1,000) shares of capital stock in the Bank;

(b) The Governor, on behalf of the government of Guam, shall:

(1) make payment of an initial subscription to the additional capital stock of the Bank of a sum equivalent to One Hundred Thousand Dollars USD ($100,000 USD) in accordance with the terms of the Agreement; and

(2) subject to appropriation by the Legislature, make any additional payments which may become payable under the

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COL 7/27/2023

5 Guam Code Ann. GOVERNMENT OPERATIONS
CH. 1 OFFICE OF THE GOVERNOR

Agreement to purchase the shares under Subitem (a) of this
§ 1905.

SOURCE: Added as P.L. 22-148:1(e) (Dec. 29, 94). Codified by
Compiler.

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