Guam § 116104 - Retirement of Free Shares.
Full text of Guam Guam Code Annotated § 116104 — Retirement of Free Shares., with citation guidance and answers to common questions.
§ 116104. Retirement of Free Shares.
The directors may in their discretion, under the regulations
prescribed by the by-laws, retire any free shares by enforcing the
withdrawal thereof, but whenever the withdrawal of any shares is to be
enforced, the holders thereof must be given 30 day’s notice thereof and
be paid the amount actually paid in, and full amount of profits or
dividends applicable thereto to the date of retirement; such aggregate
amount being hereafter in this section referred to as the retirement price.
If the date fixed for such retirement is not a date on which dividends are
to be paid or credited, the amount of profits or dividends applicable
thereto from the last such date shall be prorated and shall be based on the
rate of return for the current period if such rate shall have been
determined prior to the date fixed for such retirement, and if not, shall be
based on the rate of return determined for the latest previous period for
which such rate shall have been determined. On or after the date fixed for
retirement as stated in such notice, each holder of shares to be retired
shall surrender to the association, properly endorsed, his certificate
evidencing such shares and shall thereupon be entitled to receive
payment of the retirement price of such shares, and in case a certificate
shall be retired in part, to receive a new certificate representing the
unretired part thereof. If such notice of intended retirement shall have
been duly given and if on or before the date fixed for such retirement
funds necessary for such retirement shall be and continue available
therefor, then, notwithstanding that any certificate called for retirement in
whole or in part shall not have been surrendered, dividends on the shares
evidenced thereby called for retirement shall cease to accrue after the
date fixed for such retirement, and all rights of the holder in respect of
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the shares so called for retirement shall forthwith after such retirement
date cease and determine, except only the right of the holder to receive
the retirement price without interest or dividends after the date fixed for
retirement. In all cases the notice of retirement shall expressly state that
dividends will cease on the date fixed for retirement.
Source: official Guam text · Last verified 2026-08-27
Frequently Asked Questions About Guam § 116104
What does Guam Code Annotated § 116104 cover?
Section 116104 ("Retirement of Free Shares.") 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 § 116104?
A common citation format is "Guam Code Annotated § 116104" (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 § 116104 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.