Guam § 15114 - (D). Voting by Members.
Full text of Guam Guam Code Annotated § 15114 — (D). Voting by Members., with citation guidance and answers to common questions.
§ 15114. (D). Voting by Members.
(a) The articles of organization or a written operating
agreement may provide to all or certain identified members or a
specified class or group of members the right to vote separately
or with all or any class or group of members on any matter.
Voting by members may be on a per capita, number, financial
interest, class, group, or any other basis. If no voting provision is
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contained in the articles of organization or written operating
agreement:
(1) The members of a limited liability company shall
vote in proportion to their interests in current profits of the
limited liability company or, in the case of a member who
has assigned his or her or its entire economic interest in the
limited liability company to a person who has not been
admitted as a member, in proportion to the interest in
current profits that the assigning member would have, had
the assignment not been made.
(2) The following matters shall require the unanimous
vote of all members:
(A) A decision to continue the business of the
limited liability company after dissolution of the
limited liability company pursuant to § 15132.
(B) Approval of the transfer of a membership
interest and admission of the assignee as a member of
the limited liability company.
(C) Any amendment of the articles of organization
or operating agreement.
(3) In all other matters in which a vote is required, a
vote of a majority in interest of the members shall be
sufficient.
(b) Notwithstanding any provision to the contrary in the
articles of organization or operating agreement, in no event shall
the articles of organization be amended by a vote of less than a
majority in interest of the members.
(c) Notwithstanding any provision to the contrary in the
articles of organization or operating agreement, members shall
have the right to vote on a dissolution of the limited liability
company as provided in subdivision (c) of § 15132.
Frequently Asked Questions About Guam § 15114
What does Guam Code Annotated § 15114 cover?
Section 15114 ("(D). Voting by Members.") 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 § 15114?
A common citation format is "Guam Code Annotated § 15114" (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 § 15114 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.