Guam § 28606 - Issuance of Shares.
Full text of Guam Guam Code Annotated § 28606 — Issuance of Shares., with citation guidance and answers to common questions.
§ 28606. Issuance of Shares.
(a) The powers granted in this section to the board of directors may be
reserved to the shareholders by the articles of incorporation.
(b) The board of directors may authorize shares to be issued for
consideration consisting of any tangible or intangible property or benefit to
the corporation, including cash, promissory notes, services performed,
contracts for services to be performed, or other securities of the corporation.
(c) Before the corporation issues shares, the board of directors must
determine that the consideration received or to be received for shares to be
issued is adequate. That determination by the board of directors is conclusive
insofar as the adequacy of consideration for the issuance of shares relates to
whether the shares are validly issued, fully paid, and nonassessable.
(d) When the corporation receives the consideration for which the board
of directors authorized the issuance of shares, the shares issued therefor are
fully paid and nonassessable.
Source: official Guam text · Last verified 2026-08-27
Frequently Asked Questions About Guam § 28606
What does Guam Code Annotated § 28606 cover?
Section 28606 ("Issuance of Shares.") 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 § 28606?
A common citation format is "Guam Code Annotated § 28606" (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 § 28606 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.