Guam § 13114 - Membership and Stock.
Full text of Guam Guam Code Annotated § 13114 — Membership and Stock., with citation guidance and answers to common questions.
§ 13114. Membership and Stock.
(a) Issuance of Membership or Stock Certificate. Payment.
When a member of an association established without shares of stock
has paid his membership fee in full, he shall receive a certificate of
membership.
No association shall issue a certificate for stock to a member until it
has been fully paid for. The promissory notes of the members may be
accepted by the association as full or partial payment. The association shall
hold the stock as security for the payment of the note; but such retention as
security shall not affect the member's right to vote.
(b) Limitation Upon Stock Ownership. An association, in its bylaws,
may limit the amount of common stock which one member may own.
(c) Transfer of Stock or Certificates. The bylaws shall prohibit the
transfer of the common stock or membership certificates of the associations
to persons not qualified to be shareholders or members as specified in this
Chapter; and such restrictions must be printed upon every certificate of
stock or membership subject thereto.
(d) Buying in stock. The association may, at any time, as specified in
the bylaws, except when the debts of the association exceed fifty percent
(50%) of the assets thereof, buy in or purchase its common stock at the
book value thereof, as conclusively determined by the board of directors,
and pay for it in cash within one (1) year thereafter.
(e) Liability for Association Debts. No member or stockholder shall
be liable for the debts of the association to an amount exceeding the sum
remaining unpaid balance of any promissory note given in payment thereof.
Frequently Asked Questions About Guam § 13114
What does Guam Code Annotated § 13114 cover?
Section 13114 ("Membership and Stock.") 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 § 13114?
A common citation format is "Guam Code Annotated § 13114" (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 § 13114 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.