Corporation: Organization and Commencement of Business;

Time Limit. If a corporation does not formally organize and commence the transaction of its business or the construction of its works within two years from the date of its incorporation, its corporate powers cease. The due incorporation of any corporation claiming in good faith to be a corporation under this Part and its right to exercise corporate powers shall not be inquired into collaterally in any private suit to which the corporation may be a party, but such inquiry may be had at the suit of the government of Guam on information of the Attorney General. COL021307 CH. 4 CORPORATE POWERS