18 Guam Code Ann. § 15107
Terms Used In 18 Guam Code Ann. § 15107
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
(1) The name of the limited liability company.
(2) Unless its articles of organization provide otherwise, the limited liability company shall have perpetual duration and succession in its name for the period of its duration.
(3) The purpose for which the limited liability company is organized.
(4) The address of its place of business in Guam and the name and address of its initial registered agent in Guam.
(5) The total amount of cash and a description and agreed value of property other than cash contributed.
(6) The total additional contributions, if any, agreed to be made by all members and the times at which, or the events upon the happening of which, they shall be made.
(7) The right, if given, of the members to admit additional members and the terms and conditions of the admissions.
(8) The right, if given, of the remaining members of the limited liability company to continue the business on the death, retirement, resignation, expulsion, bankruptcy, or dissolution of a member or the occurrence of any other event which terminates the continued membership of a member in the limited liability company.
(9)(A) If the limited liability company is to be managed by a manager or managers, a statement that the company is to be managed by a manager or
managers and the names and addresses of such managers who are to serve as managers until the first annual meeting of members or until their successors are elected and qualify.
(B) If the management of a limited liability company is reserved to the members, the names and addresses of the members.
(10) Any other provisions, not inconsistent with law, which the members elect to set out in the articles of organization for the regulation of the internal affairs of the limited liability company, including any other provisions which under this Chapter are required or permitted to be set out in the regulations of the limited liability company.
(b) It is not necessary to set out in the articles of organization any of the powers enumerated in this Chapter.
SOURCE: Added by P.L. 23-125:2 (Sept. 9, 1996). Subsection (a)(2)
repealed and reenacted by P.L. 30-192:2 (Aug. 28, 2010).
2017 NOTE: Subitem designations altered pursuant to the authority of 1
GCA § 1606.