Standing

A shareholder may not commence or maintain a derivative proceeding COL372014 CH. 28 GUAM BUSINESS CORPORATION ACT unless the shareholder:

(a)was a shareholder of the corporation at the time of the act or omission complained of or became a shareholder through transfer by operation of law from one who was a shareholder at that time; and

(b)fairly and adequately represents the interests of the corporation in enforcing the right of the corporation.