Guam Authorize Sale of fractional shares
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How to fill out Authorize Sale Of Fractional Shares?
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FAQ
The Guam Business Corporation Act (the "Guam Act") updates Guam's general corporation laws, creating uniformity with the corporate laws of other jurisdictions, while tailoring certain statutes to accomplish Guam's long-standing objective to attract off-island interest and facilitate investment in local businesses.
Before a share sale is effective, the board of directors needs to approve the transfer. This approval can be by way of a formal board resolution passed at a meeting of directors (documented in the minutes of the meeting).
The transfer must then be approved by the board of directors either at a meeting or by way of a board resolution. For some companies, the existing shareholders may also need to pass a special resolution to waive their right to pre-emption on the transfer of shares.
A transaction or arrangement, completion of which is conditional on certain other matters taking place, does still require shareholder approval pursuant to section 190 of the Companies Act 2006.
