18 Guam Code Ann. § 4109
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Terms Used In 18 Guam Code Ann. § 4109
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Any corporation may amend its articles of incorporation by a majority vote of its board of directors or trustees and the vote or written assent of two-thirds (2/3) of its members, if it be a nonstock corporation, or, if it be a stock corporation, by the vote or written assent of the stockholders repre- senting at least two-thirds (2/3) of the subscribed capital stock of the corporation. A copy of the articles of incorporation as amended, duly certified to be correct by the president and the secretary of the corporation and a majority of the board of directors or trustees, shall be filed in the Department of Revenue and Taxation and attached to the original articles of incorporation, and, from the time of filing such copy of the amended articles of incorporation, the corporation shall have the same powers and the members or stockholders thereof shall thereafter be subject to the same liabilities as if such amendment had been embraced in the original articles of incorporation; Provided, however, that the life of said corporation shall not be extended by said amendment beyond the time fixed in the original articles; And Provided, that the original articles and amended articles together shall contain all provisions required by law to be set out in the articles of incorporation; And Provided, further, that nothing in this section shall be construed to authorize any corporation to increase or diminish its capital stock or so as to affect any rights or actions which accrued to others between the time of filing the original articles of incorporation and the filing of the amended articles.
COL021307
18 Guam Code Ann. BUSINESS STRUCTURES & FUNCTION
CH. 4 CORPORATE POWERS
SOURCE: CC § 360. Department of Finance changed to Department of Revenue and
Taxation pursuant to P.L. 9-228 (8/7/68).