A bank shall obtain insurance of its deposits by the United States or any agency thereof and may acquire and hold membership in the Federal Reserve System. The insurance provision of this Section shall not apply to deposits held by foreign banking corporations pursuant to 106728 of this Code. SOURCE: GC 30518. Amended by P.L. 13-111:3.

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.

Each out-of-state bank that operates a branch in Guam, or the home state regulator of the bank, shall give at least thirty (30) days prior written notice (or, in the case of an emergency transaction, shorter notice as is consistent with applicable state or Federal law) to the Commissioner of any merger, consolidation, or other transaction that would cause a change of control with respect to the out-of-state bank or any bank holding company that controls the bank, with the result that an application would be required to be filed pursuant to the Bank Merger Act, as amended, the Change in Bank Control Act of 1978, as amended, or the Bank holding Company Act of 1956, as amended, or any successor statutes thereto.

It shall be unlawful for a bank to receive any deposit while insolvent or for an officer, director or employee who knows or, in the proper performance of his duty, should know of such insolvency to receive or authorize the receipt of such deposit. SOURCE: GC 30802.

This legal document governs the treatment of unclaimed or unpaid checks issued by the Government of Guam. It states that checks or drafts that remain unclaimed or outstanding for more than one year from the date of issuance must be accounted for separately and recorded. After three years, unclaimed checks or drafts are cancelled, and the Director of Administration may issue new checks or drafts upon demand by the lawful claimant.

This legal document, found within the Guam Code Annotated under the Uniform Commercial Code, specifically addresses the media of remittance and the provisional and final settlement in remittance cases. It outlines the various methods by which a collecting bank can settle an item, including accepting checks from remitting banks or other banks, cashier’s checks, appropriate authority to charge an account, bank checks or obligations, credit on federal reserve bank books or designated depositary bank books, or money.

This legal document, part of the Guam Code Annotated, specifically the Uniform Commercial Code, Bank Deposits and Collections, Collection Of Items, governs the final payment of items by a payor bank, the point at which provisional debits and credits become final, and the availability of credits for withdrawal. It outlines the various conditions under which an item is considered finally paid by a payor bank, including cash payment, settlement without the right to revoke, completion of posting to the indicated account, or failure to revoke a provisional settlement within the permitted time.

This legal document governs the procedures and actions related to the collection of items by payor banks. It outlines the conditions under which a payor bank can revoke a settlement and recover any payment for a demand item received before midnight of the banking day of receipt. The payor bank can revoke the settlement and recover the payment if it returns the item or sends written notice of dishonor or nonpayment.

This legal document, found in the Guam Code Annotated under the Uniform Commercial Code, specifically in the section on Collection of Items: Payor Banks, governs the actions and responsibilities of payor banks regarding items subject to notice, stop-order, legal process, or setoff. It establishes that any knowledge, notice, stop order, or legal process received by the payor bank comes too late to terminate, suspend, or modify the bank’s right or duty to pay an item or charge its customer’s account if certain conditions have already occurred.

(1) As against its customer, a bank may charge against his account any item which is otherwise properly payable from that account even though the charge creates an overdraft and in such event recover or obtain refund of the amount of the overdraft. (2) A bank which in good faith makes payment to a holder may charge the indicated account of its customer according to (a) The original tenor of his altered item; or (b) The tenor of his completed item, even though the bank knows the item has been completed unless the bank has notice that the completion was improper.