Registration to do Business in Guam

(a)A foreign cooperative may not do business in Guam until it registers with the Director of Department of Revenue and Taxation under this Article. A foreign cooperative shall not transact business in Guam until it obtains both a business license and a certificate of authority to do so from the Director.

(b)A foreign cooperative doing business in Guam may not maintain an action or proceeding in Guam unless it is registered to do business in Guam.

(c)The failure of a foreign cooperative to register to do business in Guam does not impair the validity of a contract or act of the foreign cooperative or preclude it from defending an action or proceeding in Guam.

(d)A limitation on the liability of a member or director of a foreign cooperative is not waived solely because the foreign cooperative does business in Guam without registering to do business in Guam.

(e)Subsections 171501(a) and

(b)apply even if a foreign cooperative fails to register under this Article. CH. 17 THE GUAM UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT