18 Guam Code Ann. § 281409
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Terms Used In 18 Guam Code Ann. § 281409
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
(a) Directors shall cause the dissolved corporation to discharge or make reasonable provision for the payment of claims and make distributions of assets to shareholders after payment or provision for claims.
(b) Directors of a dissolved corporation which has disposed of claims under sections 281406, 281407, or 281408 shall not be liable for breach of § 281409 (a) with respect to claims against the dissolved corporation that are barred or satisfied under sections 281406, 281407 or 281408.
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SUBARTICLE B JUDICIAL DISSOLUTION