Court Action

(a)If a demand for payment under § 3409 of this Chapter remains unsettled, the corporation shall petition the Superior Court within sixty

(60)days after receiving the payment demand to determine the fair value of the shares and accrued interest. If the corporation does not commence said proceeding within the sixty

(60)day period, it shall pay each dissenter whose demand remains unsettled the amount demanded.

(b)The corporation shall make all dissenters, whether or not residents of Guam, whose demands remain unsettled parties to the proceeding as in an action against their shares and all parties must be served with a copy of the petition. Nonresidents may be served by registered or certified mail or by publication as provided by law.

(c)The jurisdiction of the Superior Court is plenary and exclusive. The court may appoint one

(1)or more persons as appraisers to receive evidence and recommend decision on the question of fair value. The appraisers have the powers described in the order appointing them or in any amendment thereto. The dissenters are entitled to the same discovery rights as parties in other civil proceedings.

(d)Each dissenter made a party to the proceeding is entitled to judgment:

(1)For the amount, if any, by which the court finds the fair value of his shares, plus interest, exceeds the amount paid by the corporation; or

(2)For the fair value, elected to withhold payment under § 3408 of this Chapter.