Resignation of Registered Agent

(a)A registered agent may resign as agent for a limited cooperative association or registered foreign cooperative by delivering to the Director of Revenue and Taxation for filing a statement of resignation that states:

(1)the name of the association or foreign cooperative;

(2)the name of the agent; CH. 17 THE GUAM UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT

(3)that the agent resigns from serving as registered agent for the association or foreign cooperative; and

(4)the address of the association or foreign cooperative to which the agent will send the notice required by Subsection

(c)of this Section.

(b)A statement of resignation takes effect on the earlier of:

(1)the thirty-first

(31st)working day after the day on which it is filed by the Director; or

(2)the designation of a new registered agent for the limited cooperative association or registered foreign cooperative.

(c)A registered agent shall promptly furnish to the limited cooperative association or registered foreign cooperative notice in a record of the date on which a statement of resignation was filed.

(d)When a statement of resignation takes effect, the registered agent ceases to have responsibility under this Act for any matter thereafter tendered to it as agent for the limited cooperative association or registered foreign cooperative. The resignation does not affect any contractual rights the association or foreign cooperative has against the agent or that the agent has against the association or foreign cooperative.

(e)A registered agent may resign with respect to a limited cooperative association or registered foreign cooperative whether or not the association or foreign cooperative is in good standing.