18 Guam Code Ann. § 28721
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Terms Used In 18 Guam Code Ann. § 28721
- 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 shareholder may not commence or maintain a derivative proceeding
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18 Guam Code Ann. BUSINESS STRUCTURE & FUNCTION
CH. 28 GUAM BUSINESS CORPORATION ACT
unless the shareholder:
(a) was a shareholder of the corporation at the time of the act or omission complained of or became a shareholder through transfer by operation of law from one who was a shareholder at that time; and
(b) fairly and adequately represents the interests of the corporation in enforcing the right of the corporation.