5 Guam Code Ann. § 87102
Terms Used In 5 Guam Code Ann. § 87102
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
§ 87103. Purposes and Authorized Activities of the Corporation; General.
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5 Guam Code Ann. GOVERNMENT OPERATIONS
CH. 87 DIPATTAMENTON I KAOHAO GUINAHAN CHAMORRO
(DEPARTMENT OF CHAMORRO AFFAIRS)
(a) The purpose and authorized activities of the Corporation are to assist in the implementation of an integrated program for the preservation, development and promotion of the Chamorro Heritage of Guam, for the public benefit and to provide specific services to the Chamorro people. It is intended that this Corporation be a catalyst in the preservation, development and promotion of language, arts, humanities, historic and cultural preservation, research, restoration, presentation, museum activities and support programs significant to Guam’s history and culture, and to enhance the future of the Chamorro people of Guam. It is a further purpose of this Chapter to enable the Corporation to aid private enterprise without unfairly competing with it in the expansion of cultural and historical resources for Guam.
(b) Specific. The Corporation has the following specific purposes and is authorized to:
(1) conduct, or cause to be conducted, research and investigation into natural, cultural, medicinal and historic resources, and to publicize the results of these activities as deemed necessary;
(2) except as specifically prohibited in this Chapter, make loans to any person, firm, partnership or corporation licensed to do business on Guam in furtherance of the purposes and activities stated in this Chapter. (All loans made shall be of sound value or secured to reasonably assure repayment. Each loan made by the Corporation may be sold to a commercial lending institution for a sum not less than the principal balance of the loan, and the proceeds of the loan shall be returned to the capital fund of the Corporation, subject to the terms specified in a resolution of the Board of Trustees of the Corporation. Each loan made by the Corporation shall include, wherever possible, an option on the part of the Corporation to convert up to fifty percent (50%) of the total loan into equity.);
(3) enter into contracts to provide grants or loans to individuals, organizations or institutions, whether public or private, which are engaged in projects or programs related to language, culture, history, arts and humanities;
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5 Guam Code Ann. GOVERNMENT OPERATIONS
CH. 87 DIPATTAMENTON I KAOHAO GUINAHAN CHAMORRO
(DEPARTMENT OF CHAMORRO AFFAIRS)
(4) receive and administer grants in furtherance of the preservation, promotion and development of Chamorro heritage and culture;
(5) obtain land belonging to the government of Guam as required to carry out its purposes and objectives, under the terms and tenure that I Liheslaturan Guåhan, by appropriate legislation, prescribes;
(6) make direct loans to any person, firm, corporation or governmental entity on residential real property for purposes of restoration and historical site development; and
(7) accept loans of cultural or intellectual properties on a custodial basis from individuals, families, organizations or institutions with terms and conditions to be agreed upon by all parties concerned.
(8) The Corporation shall have authority over and supervise the
Chamorro Village (I Sengsong Chamorro).
SOURCE: Subsection (b)(8) added by P.L. 28-068:IV:55 (Sept. 30, 2005).
2016 NOTE: Subsection designations altered to adhere to the Compiler’s alpha- numeric scheme pursuant to the authority of 1 Guam Code Ann. § 1606.