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Can you summarize 106216.?
Organization and Corporate Functions of Banks > Directors and Officers.
Short Summary
This document, part of the Guam Code Annotated, pertains to the organization and corporate functions of banks in Guam. It specifies that the affairs of a territorial bank shall be managed by a board of directors, with the number of directors fixed by the by-laws. The document also outlines the requirements for the composition of the board of directors, including the citizenship and residency criteria. It further states that each director must have ownership of common stock of the bank or a bank holding company. The document also covers the election and term of office of directors, as well as the filling of vacancies. Additionally, it addresses the removal of directors and the election of officers by the board of directors. Finally, the document requires banks to report promptly to the Commissioner any changes among executive officers and directors. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
The document applies to territorial banks in Guam.
What does it govern?
The document governs the organization and corporate functions of banks in Guam.
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Guam