18 Guam Code Ann. § 11106
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Terms Used In 18 Guam Code Ann. § 11106
- 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.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Any educational society or organization, by two-thirds (2/3) vote of its membership held at a regular or at a special meeting called for the purpose, or by written consent of two-thirds (2/3) of its members without a meeting, and any existing educational corporation or body claiming to be such may, by a unanimous vote of its trustees present at a regular or special meeting called for the purpose or by the written consent of such trustees without
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18 Guam Code Ann. BUSINESS STRUCTURE & FUNCTION
CH. 11 COLLEGES AND INSTITUTIONS OF LEARNING
meeting, convey all or any part of its property, rights, and franchises to a corporation organized for educational purposes in conformity with this Chapter. Any corporation organized for educational purposes in accordance with this Chapter shall have the right by and with the consent of a majority of its membership to purchase, hold, mortgage, or sell real estate for educa- tional purposes.
SOURCE: CC § 605.
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18 Guam Code Ann. BUSINESS STRUCTURE & FUNCTION
CH. 11 COLLEGES AND INSTITUTIONS OF LEARNING
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