22 Guam Code Ann. § 15305
Terms Used In 22 Guam Code Ann. § 15305
- 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.
(b) The Commissioner. may provide for the procedure and conduct of such hearing by regulation.
(c) If the Commissioner is satisfied after such hearing and investigation that the proposed corporation is formed for a legitimate purpose under this Title, and in conformance thereto, and that the character, financial responsibility, general fitness and competency of persons named in the application are sufficient, and that the approval of the application would be to the best interests of all concerned, then he shall approve the application and issue an order of such approval.
(d) If the Commissioner is not so satisfied, he shall endorse his disapproval thereon and return one (1) of the duplicate applications to the applicant together with his order of refusal containing his reasons thereof. An applicant receiving such an order may request a hearing by the Commissioner under §12206.
SOURCE: GC § 43154.