18 Guam Code Ann. § 4111
Terms Used In 18 Guam Code Ann. § 4111
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(1) Sell, lease, exchange, or otherwise dispose of all, or substantially all, of its property in the usual and regular course of business;
(2) Mortgage, pledge, dedicate to the repayment of indebtedness (whether with or without recourse), or otherwise encumber any or all of its property, whether or not, in the usual and regular course of business; or
(3) Transfer any or all of its property to a corporation all the shares of which are owned by the corporation.
(b) Unless the Articles of Incorporation require it, approval by the stockholders of a transaction described in Subsection (a) of this Section is
COL021307
18 Guam Code Ann. BUSINESS STRUCTURES & FUNCTION
CH. 4 CORPORATE POWERS
not required.
SOURCE: Added by P.L. 28-180:5 (Jan. 29, 2007).