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Terms Used In 18 Guam Code Ann. § 13126

  • 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.
Any corporation organized or existing pursuant to the General Corporation Law [part 1 of this Title], may be brought under the provisions of this Chapter by amending its articles of incorporation in the manner

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18 Guam Code Ann. BUSINESS STRUCTURE & FUNCTION
CH. 13 NONPROFIT COOPERATIVE ASSOCIATIONS

prescribed by the General Corporation Law to conform to the provisions of this Chapter, and whenever any corporation shall have amended its articles of incorporation to conform to the provisions of this Chapter, it shall be deemed to be then organized and existing under and entitled to the benefit of and subject to the provisions of this Chapter for all purposes and as fully as though originally organized hereunder. Articles of incorporation shall be deemed to conform to the provisions of this Chapter within the meaning of the foregoing whenever (a) it is provided or declared therein, in substance, regardless of form that the corporation is organized and exists as a nonprofit cooperative corporation for the purposes provided for in or permitted by the provisions of this Chapter, or one or more of said purposes; or (b) it clearly appears therefrom that the corporation desires to be subject to, and to be organized, exist and function under and pursuant to the provisions of this Chapter. Whenever amended articles conform, as aforesaid, provisions therein that appeared in the original articles or some previous amended articles, shall be deemed ineffective if and to the extent that same are inapplicable to or inconsistent with the provisions of this Chapter.

Construction and Application of Section. The provisions of this section shall be construed and applied as retrospective as well as prospective, and may be availed of by a corporation regardless of time of incorporation, whether prior or subsequent to the adoption of this section, and all amendments made prior to the adoption of this section shall be effective and valid to the same extent as though made subsequent to the adoption of this section.

SOURCE: CC § 650.26.

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