Terms Used In 18 Guam Code Ann. § 281703

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • 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.
After the effective date of this Act no corporation shall be organized under or be governed by the General Corporation Law of Guam as defined in 18 Guam Code Ann. § 1101, including 18 Guam Code Ann. Division I, Part I, Chapters 1-9, except those provisions of the General Corporation Law of Guam expressly made applicable by the terms of this Act other than:

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18 Guam Code Ann. BUSINESS STRUCTURE & FUNCTION
CH. 28 GUAM BUSINESS CORPORATION ACT

(a) a corporation organized under the General Corporation Law of Guam prior to the effective date of this Act, and which has not become subject to this Act in the manner provided in § 281702;

(b) a not for profit, non-stock corporation, or an international finance company or investment company as defined in Section 1102 of the General Corporation Law of Guam, which is organized after the effective date of this Act but which elects to be governed by the General Corporation Law of Guam in its articles of incorporation.

I Liheslaturan Guåhan has the power as to any such corporation organized after the effective date of this Act to amend or repeal all or any part of the General Corporation Law of Guam at any time and all such corporations shall be subject to and governed by such amendment or repeal.

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