Guam § 50301 - Corporations.
Full text of Guam Guam Code Annotated § 50301 — Corporations., with citation guidance and answers to common questions.
§ 50301. Corporations.
The provisions of this Chapter shall apply to associations and corpora-
tions and upon the petition of any officer of any association or corporation,
duly authorized by the vote of the board of directors or trustees, at a
meeting specially called for that purpose, or by the assent in writing of a
majority of the directors or trustees, as the case may be, or upon a creditor's
petition made and presented in the manner provided in respect to debtors,
like proceedings shall be had and taken as are provided in the case of
debtors; provided, that in case the articles of association or by-laws of any
association or corporation provide a method for such proceedings, such
method shall be followed. All the provisions of this section which apply to
the debtor, or set forth his duties, examination, and liabilities, or prescribe
penalties, or relate to fraudulent conveyances, payments and assignments,
apply to each and every officer of any association or corporation in relation
to the same matters concerning the corporation. Whenever any corporation
is declared insolvent, its property and assets shall be distributed to the
creditors; but no discharge shall be granted to any corporation. The provi-
sions of the section shall not apply to any corporation as to which there is
any special provision of law for its liquidation in case of insolvency.
Frequently Asked Questions About Guam § 50301
What does Guam Code Annotated § 50301 cover?
Section 50301 ("Corporations.") 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 § 50301?
A common citation format is "Guam Code Annotated § 50301" (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 § 50301 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.