GroundRules
11 GCA § 106203: Locally Chartered or Territorial Bank: Additional Powers.
Where this section sits in the code
- Title 11: Finance and Taxation
- Division 4 - Banks and Banking
- Chapter 106: Banks
- ARTICLE 2: ORGANIZATION AND CORPORATE FUNCTIONS OF BANKS
A locally chartered bank or territorial bank operating under this Title shall, in addition to all specific powers conferred by this Title, have the following power:
To exercise, notwithstanding the provisions of § 106151 of Subarticle C, Title 11, Guam Code Annotated Code and § 2106 Title 18, Guam Code Annotated, all powers necessary to qualify as a trustee or custodian under the Federal Self-Employed Individuals Tax Retirement Act of 1962, as amended, and the Employee Retirement Income Security Act of 1974; provided that any funds held in such capacity shall be invested only in a savings account or time deposit of the institution.
Collected 2026-09-27T03:18:18Z. Source file · JSON