Guam § 13123 - Organization, Operation, Ownership, of Other Corporations.

§ 13123. Organization, Operation, Ownership, of Other Corporations.

(a) An association may organize, form, operate, own, control, have an

interest in, own stock of, or be a member of any other corporation or

corporations, with or without capital stock, and engaged in preserving,

drying, processing, canning, packing, storing, handling, shipping, utilizing,

manufacturing, marketing or selling of the products handled by the

association, or the by-products thereof.

(b) Warehousing Corporations: Receipts: Issuance and Adequacy

as Collateral: Challenge or Discrimination Because of Ownership or

Control. If such corporations are warehousing corporations, they may issue

legal warehouse receipts to the association against the commodities deliv-

ered by it, or to any other person, and such legal warehouse receipts shall be

considered as adequate collateral to the extent of the usual and current value

of the commodity represented thereby. In case such warehouse is licensed or

licensed and bonded under the laws of this territory, its warehouse receipt

delivered to the association on commodities of the association or its

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members, or delivered by the association or its members, shall not be

challenged or discriminated against because of ownership or control, wholly

or in part, by the association.

(c) Merger or Consolidation of Corporations. Any two or more

corporations organized hereunder may be merged into one such constituent

corporation or consolidated into a new corporation, such merger or

consolidation to be made in the manner prescribed by the general laws of

the territory covering domestic corporations.