18 Guam Code Ann. § 2208
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Terms Used In 18 Guam Code Ann. § 2208
- 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.
- Quorum: The number of legislators that must be present to do business.
Immediately after election the directors of a corporation must organize by the election of the president, who must be one of their number, a secretary or treasurer who shall be a resident of Guam and such other officers as may be provided for in the bylaws. The directors and officers so elected shall perform the duties enjoined on them by law and by the bylaws of the corporation. A majority of the directors shall constitute a quorum for
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18 Guam Code Ann. BUSINESS STRUCTURE & FUNCTION
CH. 2 FORMATION OF CORPORATIONS
the transaction of corporate business, and every decision of a majority of the quorum duly assembled as a board shall be valid as a corporate act.
SOURCE: CC § 308; amended by P.L. 8-51 (8/2/65).