5 Guam Code Ann. § 1908
Terms Used In 5 Guam Code Ann. § 1908
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiduciary: A trustee, executor, or administrator.
- 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
(a) by the preparation, financing, and execution of development plans and projects, including the consideration of priorities, and the formulation of loan proposals on specific national or regional development projects;
(b) by the development and advanced training, through seminars and other forms of instruction of personnel specializing in the formulation and implementation of development plans and projects;
(c) by making or participating indirect loans; (d) by investment of funds;
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5 Guam Code Ann. GOVERNMENT OPERATIONS
CH. 1 OFFICE OF THE GOVERNOR
(e) by guaranteeing, whether as primary or secondary obligator, in whole or in part, loans for economic development;
(f) by acquiring and selling such securities, mortgages, bonds and other instrument as may be appropriate to the conduct of its business in the carrying out of its purpose;
(g) to act as, or appoint, attorneys or custodians to administer and supervise funds;
(h) to purchase, lease or dispose of assets, business and property within the limitations of its authority;
(i) to deposit funds in financial institutions in Micronesia, the United States and elsewhere as may be appropriate; and
(j) the Bank is prohibited from engaging in banking activities for the benefit of the general public such as maintaining deposit accounts and paying interest on balances thereon as well as engaging in the trust business or acting as a fiduciary in receiving funds, moneys, properties, or securities, and holding or investing such funds, moneys, properties, or securities for the account of such members of the general public; provided, however, that nothing in this subitem (j) shall prohibit the Bank from performing any activities for the benefit of its Members as defined in the Agreement, or performing any activity considered to be normal for a development financial institution.
SOURCE: Added as P.L. 22-148:1(h) (Dec. 29, 94). Codified by
Compiler.
2012 NOTE: In maintaining the general codification scheme of the GCA the Compiler changed the hierarchy of subsections beginning with “”Numbers”” to “”Lowercase Letters”” in this section.