Guam § 12110 - Surplus.
Full text of Guam Guam Code Annotated § 12110 — Surplus., with citation guidance and answers to common questions.
§ 12110. Surplus.
Each year the corporation shall set apart as earned surplus not less than
ten percent (10%) of its net earnings for the preceding fiscal year until such
surplus shall be equal in value to one-half (2) of the amount paid in on the
capital stock then outstanding. Whenever the amount of surplus established
herein shall become impaired, it shall be built up again to the required
amount in the manner provided for its original accumulation. Net earnings
and surplus shall be determined by the board of directors, after providing
for such reserves as said directors deem desirable, and the determination of
the directors made in good faith shall be conclusive on all persons.
Frequently Asked Questions About Guam § 12110
What does Guam Code Annotated § 12110 cover?
Section 12110 ("Surplus.") is part of the Guam Code Annotated, the codified statutory law of Guam. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Guam § 12110?
A common citation format is "Guam Code Annotated § 12110" (Guam). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Guam law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Guam official source linked on this page or consult a licensed Guam attorney.
How does Guam § 12110 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Guam can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Guam.