Guam § 2115 - Law relative to Investment Companies and International

§ 2115. Law relative to Investment Companies and International

Finance Companies.

(a) The following provisions of this Part shall not apply to any

Investment Company or to any International Finance Company:

(1) § 2108;

(2) § 2109;

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(3) § 2110(c);

(4) § 2201;

(5) § 2202, to the extent (i) that notice to any stockholder whether

in or absent from Guam may be delivered and served by depositing the

same with any office or collection facility of the United States mail,

first class postage prepaid addressed to such stockholder at his address

of record as shown by the books of the corporation and service of said

notice may be proved prima facie by an affidavit of the person making

such deposit, and (ii) no posting of any notice shall be required;

(6) § 2204;

(7) § 2205, to the extent (i) that directors need not be elected from

among the holders of stock, or, where there is no stock, from the

members of the corporation, and (ii) that any contractual arrangement

duly authorized by the Board of Directors shall otherwise provide for

the management or administration of its business or property;

(8) § 2206, and no officer shall be required to own any shares of

the capital stock of the corporation of which he is an officer;

(9) § 2208, to the extent that the president need not be a director

and neither the secretary nor the treasurer need be a resident of Guam;

(10) § 2216, to the extent that the meeting of the stockholders or

members of a corporation need not be held in Guam, but may be held

in such other place as may be fixed by the Board of Directors, if an

annual meeting of stockholders or members of the corporation was

held in Guam within the past two (2) calendar years;

(11) § 3102;

(12) § 3104;

(13) § 3105, to the extent set out in § 2115(5);

(14) § 4101(e), to the extent that there shall be no restrictions

applicable to real estate located outside Guam;

(15) § 4105;

(16) § 4108;

(17) § 4201; and

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(18) § 4202.

(b) Notwithstanding any other provisions of this Part:

(1) No Investment Company or International Finance Company

shall issue shares having par value unless the consideration received

for such shares includes cash in an amount not less than the sum of the

par value of such shares;

(2) No individual shall serve as director of a Public Finance

Corporation unless such individual owns at least one (1) share of the

capital stock of such corporation;

(3) At least one director of a Public Finance Corporation shall be

a resident of Guam; and

(4) As used in this Subsection, the term 'Public Finance

Corporation' means a stock corporation that is an Investment Company

and has more than thirty-five (35) share holders of record.