Guam § 116102 - Description of Withdrawable Shares.

§ 116102. Description of Withdrawable Shares.

Withdrawable shares shall be of the par value of one hundred

dollars ($100) or two hundred dollars ($200) each, as provided in the

articles of incorporation or by-laws, and shall be paid for by the

subscribers or shareholders as provided in the by-laws. Such payments

may be, and are hereafter sometimes in this act, called dues. Certificates

evidencing shares, with or without passbooks, shall be issued to each

shareholder on the first payment of dues by him. When the dues paid on

any share, together with the dividends or profits apportioned thereto,

shall equal the par value thereof, such share shall have reached its

matured value. Except in connection with mergers, consolidations or

transfers pursuant to Section 113105 of this act, no shares shall be issued

for any consideration other than cash or cancellation of outstanding

shares of the same association of equal value or, with the approval of the

commissioner, or different values. All shares matured in respect of which

payment shall have been made by the association to the shareholder, and

all shares surrendered or canceled, may be reissued. Accumulative shares

may be issued with the provision that at all times the holder or holders

thereof shall be the owners of the number of shares and a fraction of a

share determined by dividing the value of such shares as defined in

Section 110101 of this act by the par value thereof. Shares may be issued

as full paid shares, installment shares, accumulative shares or prepaid

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shares. Differences, if any, between the rates of return or the bases of

participation for two or more of such classes of shares may be prescribed

in the by-laws.

(a) Full Paid Shares. Full paid shares shall be shares upon

which a single payment of dues amounting to the par value of said

shares shall be paid at the time of subscription and upon which the

holder shall be entitled to such dividends or participation in the

profits, not exceeding the rate apportioned to installment shares, as

the board of directors shall determine, All such shares may be issued

in one or more classes as to participation, under regulations

prescribed in the by-laws and which must be fully set forth in or

upon each certificate issued.

(b) Installment Shares. Installment Shares may be issued at any

time and dividends shall be credited thereon until such shares reach

their matured value or are canceled or withdrawn. Installment shares

shall be issued with full participation in the profits subject to

apportionment as dividends; provided, however, that associations

may, if their by-laws so provide issue installment shares limited to a

maximum rate of dividend.

(c) Accumulative Shares. Accumulative shares are shares

which shall participate in the apportionment of profits by way of

dividends and be credited therewith at a rate not exceeding the rate

apportioned to installment shares, as the board of directors shall

determine, and upon which the dues maybe paid in at such times

and in such amounts as the holder thereof may elect and as the

association may permit until said shares reach their matured value or

are canceled or withdrawn.

(d) Prepaid Shares. Prepaid shares shall be shares not full paid,

upon which a single payment shall have been made, and which are

to reach their matured value through crediting on such shares,

dividends or participation in the profits. The holders of prepaid

shares shall be entitled to such participation in the net profits, not

exceeding the rate apportioned to installment shares, as the board of

directors shall determine until such shares reach their matured value

or are canceled or withdrawn.