Guam § 106309 - Dissenting Stockholders.

§ 106309. Dissenting Stockholders.

(a) The owner of shares of a territorial bank, (other than the continuing bank) which were voted against

a merger to result in a territorial bank, or against the conversion of a territorial bank into a national bank,

shall be entitled to receive their value in cash, if and when the merger or conversion becomes effective,

upon written demand, made to the resulting territorial or national bank at any time within thirty (30) days

after the effective date of the merger or conversion accompanied by the surrender of the stock certificates.

The value of such shares shall be determined, as of the date of the stockholder’s meeting approving the

merger or conversion, by three appraisers, one to be selected by the owners of two-thirds of the shares

involved, one by the board of directors of the resulting territorial or national bank, and the third by the two

so chosen. The valuation agreed upon by any two appraisers shall govern. If the appraisal is not complete

within ninety (90) days after the merger or conversion becomes effective the Board shall cause an appraisal

to be made.

(b) The expenses of appraisal shall be paid by the resulting bank.

(c) The resulting territorial or national bank may fix an amount which it considers to be not more than

the fair market value of the shares of a merging or the converting bank at the time of the stock-holder’s

meeting approving the merger or conversion which it will pay dissenting shareholders of that bank entitled

to payment in cash. The amount due under such accepted offer or under the appraisal shall constitute a debt

of the resulting territorial or national bank.