Guam § 8108 - Transfer of Shares: Purchase by Corporation.

§ 8108. Transfer of Shares: Purchase by Corporation.

COL120106

18 GCA BUSINESS S TRUCTURE & FUNCTION

Shares in a professional corporation may be transferred only to a

licensed person or to such professional corporation, and any transfer in

violation of this restriction shall be void.

A professional corporation may purchase its own shares without regard

to any restrictions provided by law upon the repurchase of shares, if at least

one share remains issued and outstanding.

If the corporation should fail to acquire all of the shares of a

disqualified or deceased shareholder, or if the disqualified shareholder or

the representative of a deceased shareholder shall fail to transfer said shares

to the corporation or to a licensed person, within ninety (90) days following

the date of disqualification, or within six months following the date of death

of such shareholder, as the case may be, then the certificate of registration

of such corporation may be suspended or revoked by the governmental

agency regulating the profession in which such corporation is engaged. In

the event of such suspension or revocation such corporation shall cease

forthwith to render professional services.