18 Guam Code Ann. § 2109
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Terms Used In 18 Guam Code Ann. § 2109
- 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.
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
Condition Precedent to Filing.
The Director of Revenue and Taxation shall not file the articles of incorporation unless accompanied by a sworn statement of the treasurer elected by the subscribers showing that at least twenty percentum (20%) of the entire capital stock has been subscribed, and that at least twenty-five percentum (25%) of the subscription has been paid to him for the benefit and to the credit of the corporation.
SOURCE: CC § 293. See cross-reference to § 2108.
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18 Guam Code Ann. BUSINESS STRUCTURE & FUNCTION
CH. 2 FORMATION OF CORPORATIONS