Organization

Immediately after election the directors of a corporation must organize by the election of the president, who must be one of their number, a secretary or treasurer who shall be a resident of Guam and such other officers as may be provided for in the bylaws. The directors and officers so elected shall perform the duties enjoined on them by law and by the bylaws of the corporation. A majority of the directors shall constitute a quorum for COL070307 CH. 2 FORMATION OF CORPORATIONS the transaction of corporate business, and every decision of a majority of the quorum duly assembled as a board shall be valid as a corporate act.