Dissolution by Incorporators or Initial Directors

A majority of the incorporators or initial directors of a corporation that has not issued shares or has not commenced business may dissolve the corporation by delivering to the Director of Revenue & Taxation for filing articles of dissolution that set forth:

(a)the name of the corporation; COL372014 CH. 28 GUAM BUSINESS CORPORATION ACT

(b)the date of its incorporation;

(c)either:

(1)that none of the corporation’s shares has been issued or

(2)that the corporation has not commenced business;

(d)that no debt of the corporation remains unpaid;

(e)that the net assets of the corporation remaining after winding up have been distributed to the shareholders, if shares were issued; and

(f)that a majority of the incorporators or initial directors authorized the dissolution.