Guam § 281405 - Effect of Dissolution.

§ 281405. Effect of Dissolution.

(a) A dissolved corporation continues its corporate existence but may

not carry on any business except that appropriate to wind up and liquidate its

business and affairs, including:

(1) collecting its assets;

(2) disposing of its properties that will not be distributed in kind to

its shareholders;

(3) discharging or making provision for discharging its liabilities;

(4) distributing its remaining property among its shareholders

according to their interests; and

(5) doing every other act necessary to wind up and liquidate its

business and affairs.

(b) Dissolution of a corporation does not:

(1) transfer title to the corporation’s property;

(2) prevent transfer of its shares or securities, although the

authorization to dissolve may provide for closing the corporation’s

share transfer records;

(3) subject its directors or officers to standards of conduct different

from those prescribed in Article 8;

(4) change quorum or voting requirements for its board of

directors or shareholders; change provisions for selection, resignation,

or removal of its directors or officers or both; or change provisions for

amending its bylaws;

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(5) prevent commencement of a proceeding by or against the

corporation in its corporate name;

(6) abate or suspend a proceeding pending by or against the

corporation on the effective date of dissolution; or

(7) terminate the authority of the registered agent of the

corporation.