Directors' Election; Notice of Election

At the meeting for the adoption of the original bylaws, or at such subsequent meeting as may be then determined, directors shall be elected to hold their offices for one

(1)year and until their successors are elected and qualified. Thereafter the directors of the corporation shall be elected annually by the stockholders if it be a stock corporation or by the members if it be a nonstock corporation, and if no provision is made in the bylaws for the time of election the same shall be held on the first Tuesday after the first Monday in January; unless otherwise provided in the bylaws, ten

(10)days' notice of the election of directors must be given to stockholders. All such notices to stockholders in Guam shall be written or printed and delivered personally to such stockholders. Service of said notices may be proved prima facie by affidavit of the person serving the notice. Written or printed notice must be addressed to each stockholder, absent from Guam, at his place of residence as shown by the books of the corporation and registered and deposited so addressed in the post office with postage prepaid. Service of said notice may be proved prima facie by the post office receipt of the registered letter. A notice of the election of directors shall be posted for a period of three

(3)weeks, immediately preceding the election in at least three

(3)public places, in the place where the principal office of the corporation is located. COL070307 CH. 2 FORMATION OF CORPORATIONS