Application of General Corporation Law of Guam

After the effective date of this Act no corporation shall be organized under or be governed by the General Corporation Law of Guam as defined in 18 GCA § 1101, including 18 GCA Division I, Part I, Chapters 1-9, except those provisions of the General Corporation Law of Guam expressly made applicable by the terms of this Act other than: COL372014 CH. 28 GUAM BUSINESS CORPORATION ACT

(a)a corporation organized under the General Corporation Law of Guam prior to the effective date of this Act, and which has not become subject to this Act in the manner provided in § 281702;

(b)a not for profit, non-stock corporation, or an international finance company or investment company as defined in Section 1102 of the General Corporation Law of Guam, which is organized after the effective date of this Act but which elects to be governed by the General Corporation Law of Guam in its articles of incorporation. I Liheslaturan Guåhan has the power as to any such corporation organized after the effective date of this Act to amend or repeal all or any part of the General Corporation Law of Guam at any time and all such corporations shall be subject to and governed by such amendment or repeal.