Organization of Agency

(1)An agency shall be organized in the manner provided for the organization of nonprofit, nonstock corporations under the Civil Code of Guam.

(2)An agency shall have all the powers, rights and privileges of a corporation, under the statute under which it is organized, except as the provisions of the statue are inconsistent with this Chapter.

(3)An agency shall not be conducted or operated for profit and no part of its net earnings or other assets shall inure to the benefit of any member or other person except to the extent necessary and appropriate to COL120106 CH. 7 NONPROFIT CONSUMER CREDIT COUNSELING AGENCIES the accomplishment of its purposes under this Chapter.

(4)The certificate of incorporation of every corporation formed pursuant to the provisions of this Chapter shall have endorsed thereon or annexed thereto the approval of the Chairman of the Judicial Council of Guam. [Added by P.L. 9-253, approved September 4, 1968, effective June 30, 1969.]