12 Guam Code Ann. § 58121
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Terms Used In 12 Guam Code Ann. § 58121
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- 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.
A Qualifying Certificate or the benefits thereunder may not be transferred, assigned or conveyed to another person, firm, partnership, or corporation without the written permission of the Authority. For the purpose of this Section, a transfer of benefits
COL 6/21/2023
12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 58 QUALIFYING CERTIFICATES
shall have occurred at any time that there is a transfer of a majority of the voting stock of the Beneficiary resulting in a change in the identity of the shareholders who control the Beneficiary. Similarly, a transfer of benefits shall occur whenever a Beneficiary shall lease, assign, or transfer a substantial part of its activities outside of the ordinary course of its business.