Guam § 3209 - Time, Place and Method of Sale.

§ 3209. Time, Place and Method of Sale.

(1) On the day and the place and hour of sale specified in the notices of

delinquency and sale of stock for unpaid subscription, the secretary or clerk

shall, unless otherwise ordered by the board of directors, sell or cause to be

sold at public auction, to the highest bidder, for cash, so many shares of the

stock described in the notice as may be necessary to pay the amount due on

the subscription, with interest accrued, expenses of advertising, and the

costs of sale.

(2) The person offering at such sale to pay the unpaid subscription,

with interest accrued, together with expenses of advertising and costs of

sale, for the smallest number of shares or fraction of a share, shall be the

highest bidder, and the stock purchased must be transferred to him on the

stock books of the corporation on payment of the amount due on the unpaid

subscription, together with the expense of advertising and costs of sale.

If at the sale of the stock for unpaid subscription no bidder offers to

pay the amount due with the expenses of advertising and costs of sale, the

same may be bid in by the corporation, through the secretary or clerk or

president or any shareholder thereof, and the amount of subscription due,

together with the expenses of advertising and costs of sale, shall be credited

as paid in full on the books of the corporation and entry of the transfer of

the stocks to the corporation made.