Law relative to Investment Companies and International

Finance Companies.

(a)The following provisions of this Part shall not apply to any Investment Company or to any International Finance Company:

(1)§ 2108;

(2)§ 2109; COL070307 CH. 2 FORMATION OF CORPORATIONS

(3)§ 2110(c);

(4)§ 2201;

(5)§ 2202, to the extent

(i)that notice to any stockholder whether in or absent from Guam may be delivered and served by depositing the same with any office or collection facility of the United States mail, first class postage prepaid addressed to such stockholder at his address of record as shown by the books of the corporation and service of said notice may be proved prima facie by an affidavit of the person making such deposit, and

(ii)no posting of any notice shall be required;

(6)§ 2204;

(7)§ 2205, to the extent

(i)that directors need not be elected from among the holders of stock, or, where there is no stock, from the members of the corporation, and

(ii)that any contractual arrangement duly authorized by the Board of Directors shall otherwise provide for the management or administration of its business or property;

(8)§ 2206, and no officer shall be required to own any shares of the capital stock of the corporation of which he is an officer;

(9)§ 2208, to the extent that the president need not be a director and neither the secretary nor the treasurer need be a resident of Guam;

(10)§ 2216, to the extent that the meeting of the stockholders or members of a corporation need not be held in Guam, but may be held in such other place as may be fixed by the Board of Directors, if an annual meeting of stockholders or members of the corporation was held in Guam within the past two

(2)calendar years;

(11)§ 3102;

(12)§ 3104;

(13)§ 3105, to the extent set out in § 2115(5);

(14)§ 4101(e), to the extent that there shall be no restrictions applicable to real estate located outside Guam;

(15)§ 4105;

(16)§ 4108;

(17)§ 4201; and COL070307 CH. 2 FORMATION OF CORPORATIONS

(18)§ 4202.

(b)Notwithstanding any other provisions of this Part:

(1)No Investment Company or International Finance Company shall issue shares having par value unless the consideration received for such shares includes cash in an amount not less than the sum of the par value of such shares;

(2)No individual shall serve as director of a Public Finance Corporation unless such individual owns at least one

(1)share of the capital stock of such corporation;

(3)At least one director of a Public Finance Corporation shall be a resident of Guam; and

(4)As used in this Subsection, the term 'Public Finance Corporation' means a stock corporation that is an Investment Company and has more than thirty-five

(35)share holders of record.