Administrative Dissolution

(a)The Director of Revenue and Taxation shall commence a proceeding under Subsection

(b)of this Section to dissolve a limited cooperative association administratively if the association does not:

(1)pay any fee, tax, interest, or penalty required to be paid to the Director no later than six

(6)months after it is due;

(2)deliver an annual report to the Director no later than six

(6)months after it is due; or

(3)have a registered agent in Guam for sixty

(60)consecutive calendar days.

(b)If the Director determines that one

(1)or more grounds exist for administratively dissolving a limited cooperative association, the Director shall serve the association with notice in a record of such determination.

(c)If a limited cooperative association, no later than sixty

(60)days after service of the notice under Subsection

(b)of this Section, does not cure or demonstrate to the satisfaction of the Director the nonexistence of each ground determined by the Director, they shall administratively dissolve the association by signing a statement of administrative dissolution that recites the grounds for dissolution and the effective date of dissolution. The Director shall file the statement and serve a copy on the association pursuant to § 17122.

(d)A limited cooperative association that is administratively dissolved continues in existence as an entity but may not carry on any activities except as necessary to wind up its activities and affairs and liquidate its assets under §§ 171206 and 171208 through 171213, or to apply for reinstatement under § 171215.

(e)The administrative dissolution of a limited cooperative association does not terminate the authority of its registered agent.