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Can you summarize 106313.?
Merger, Consolidation and Conversion of National and Territorial Banks and Trust Companies > Bank Holding Company Formation and Acquisition.
Short Summary
This legal document governs the formation and acquisition of bank holding companies and territorial banks. It allows a bank holding company or a company intending to become a bank holding company to establish a non-banking subsidiary corporation for the purpose of acquiring a territorial bank. The subsidiary can then merge with the territorial bank, making it a subsidiary of the bank holding company. The acquisition must be approved by the shareholders of the territorial bank. The document also specifies that an out-of-state bank holding company can acquire a Guam bank only if the bank has been in continuous operation for at least five years, with exceptions granted in cases of default or assistance under the Federal Deposit Insurance Act. Additionally, there is no limit on the percentage of deposits that an out-of-state bank holding company can hold or control in Guam. The document was added to the Guam Code Annotated in 1997.
Whom does it apply to?
Bank holding companies, companies acquiring territorial banks, territorial banks, shareholders of territorial banks
What does it govern?
Bank Holding Company Formation and Acquisition
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Guam