Guam § 171207 - Rescinding Dissolution.

§ 171207. Rescinding Dissolution.

(a) A limited cooperative association may rescind its dissolution, unless a statement of termination

applicable to the association is effective, the Superior Court of Guam has entered an order under § 171203

dissolving the association, or the Director of Revenue and Taxation has dissolved the association under §

171214.

(b) Rescinding dissolution under this Section requires:

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(1) the affirmative vote or consent of each member;

(2) if a statement of dissolution applicable to the limited cooperative association has been filed

by the Director but has not become effective, the delivery to the Director of Revenue and Taxation for

filing of a statement of withdrawal applicable to the statement of dissolution; and

(3) if a statement of dissolution applicable to the limited cooperative association is effective, the

delivery to the Director of Revenue and Taxation for filing of a statement of recission stating the name

of the association and that dissolution has been rescinded under this Section.

(c) If a limited cooperative association rescinds its dissolution:

(1) the association resumes carrying on its activities and affairs as if dissolution had never

occurred;

(2) subject to Paragraph (3) of this Subsection, and any liability incurred by the association after

the dissolution and before the rescission is effective is determined as if dissolution had never occurred;

and

(3) the rights of a third party arising out of conduct in reliance on the dissolution before the third

party knew or had notice of the rescission may not be adversely affected.