18 Guam Code Ann. § 28608
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In 18 Guam Code Ann. § 28608
- 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) Unless the articles of incorporation provide otherwise, shares may be issued pro rata and without consideration to the corporation‘s shareholders or to the shareholders of one or more classes or series. An issuance of shares under this subsection is a share dividend.
COL372014
18 Guam Code Ann. BUSINESS STRUCTURE & FUNCTION
CH. 28 GUAM BUSINESS CORPORATION ACT
(b) Shares of one class or series may not be issued as a share dividend in respect of shares of another class or series unless:
(1) the articles of incorporation so authorize,
(2) a majority of the votes entitled to be cast by the class or series to be issued approve the issue, or
(3) there are no outstanding shares of the class or series to be issued.
(c) If the board of directors does not fix the record date for determining shareholders entitled to a share dividend, it is the date the board of directors authorizes the share dividend.