Title 18, Business Structure and Function
60 chapters · 1,415 sections in this title.
18 GCA § 5101 Winding Up
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Every corporation whose charter expires by its own limitation or is an- nulled by forfeiture or otherwise, or whose corporate existence for other purposes is terminated in any other manner, shall nevertheless be continued as a body corporate for three (3) years after the time whe…
18 GCA § 5102 Voluntary Dissolution. Application to Superior Court
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(a) A corporation may be dissolved at any time by the Superior Court upon the voluntary application of a majority of the members or of the stockholders holding at least two-thirds (2/3) of all shares of stock issued or subscribed. COL070307 (b) The Director of Revenue and Taxatio…
18 GCA § 5103 Extension of Corporate Existence
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Every corporation heretofore or hereafter formed, and existing under the laws of the Territory of Guam, may at any time prior to the expiration of the term of its corporate existence extend such term to a period not exceeding fifty (50) years from the date of such extension. Such…
18 GCA § 5104 Application, Contents of
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The application for dissolution must be in writing and shall set forth all claims and demands against the corporation, and that, at a meeting of the members or stockholders of the corporation called for that purpose, the dissolution of the corporation was resolved upon by a major…
18 GCA § 5105 Application, Signing by Majority
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The application for dissolution must be signed by a majority of the board of directors or other officers having the management of the affairs of the corporation and must be verified by the president or secretary or clerk or some director of the corporation. SOURCE: CC § 402a.
18 GCA § 5106 Notice by Clerk of Court
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Notice of the application for dissolution must be given by the clerk of the court upon order of the court by publication for not less than thirty (30) days nor more than sixty (60) days of notice. The notice must be posted in at least three (3) public places at the place where th…
18 GCA § 5107 Filing Objection
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On or before the date on which the right of objection expires as declared in the notice, any person may file objections to the dissolution of the corporation. The issue made by the application and the objection thereto shall be tried by the court upon five (5) days' notice to the…
18 GCA § 5108 Record: Appeal
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The application, notices thereof, and proof of publication and posting of notices, the objections filed to the dissolution, if any there be, the declaration of dissolution, and the evidence and proofs taken of dissolution shall constitute the record in the case, and an appeal fro…