thdrawable shares shall be of the par value of one hundred dollars ($100) or two hundred dollars ($200) each, as provided in the articles of incorporation or by-laws, and shall be paid for by the subscribers or shareholders as provided in the by-laws. Such payments may be, and are hereafter sometimes in this act, called dues. Certificates evidencing shares, with or without passbooks, shall be issued to each shareholder on the first payment of dues by him. When the dues paid on any share, together with the dividends or profits apportioned thereto, shall equal the par value thereof, such share shall have reached its matured value. Except in connection with mergers, consolidations or transfers pursuant to Section 113105 of this act, no shares shall be issued for any consideration other than cash or cancellation of outstanding shares of the same association of equal value or, with the approval of the commissioner, or different values. All shares matured in respect of which payment shall have been made by the association to the shareholder, and all shares surrendered or canceled, may be reissued. Accumulative shares may be issued with the provision that at all times the holder or holders thereof shall be the owners of the number of shares and a fraction of a share determined by dividing the value of such shares as defined in Section 110101 of this act by the par value thereof. Shares may be issued as full paid shares, installment shares, accumulative shares or prepaid

COL120106
11 Guam Code Ann.FINANCE & TAXATION
CH. 116 WITHDRAWAL SHARES

shares. Differences, if any, between the rates of return or the bases of participation for two or more of such classes of shares may be prescribed in the by-laws.

(a) Full Paid Shares. Full paid shares shall be shares upon which a single payment of dues amounting to the par value of said shares shall be paid at the time of subscription and upon which the holder shall be entitled to such dividends or participation in the profits, not exceeding the rate apportioned to installment shares, as the board of directors shall determine, All such shares may be issued in one or more classes as to participation, under regulations prescribed in the by-laws and which must be fully set forth in or upon each certificate issued.
(b) Installment Shares. Installment Shares may be issued at any time and dividends shall be credited thereon until such shares reach their matured value or are canceled or withdrawn. Installment shares shall be issued with full participation in the profits subject to apportionment as dividends; provided, however, that associations may, if their by-laws so provide issue installment shares limited to a maximum rate of dividend.
(c) Accumulative Shares. Accumulative shares are shares which shall participate in the apportionment of profits by way of dividends and be credited therewith at a rate not exceeding the rate apportioned to installment shares, as the board of directors shall determine, and upon which the dues maybe paid in at such times and in such amounts as the holder thereof may elect and as the association may permit until said shares reach their matured value or are canceled or withdrawn.

(d) Prepaid Shares. Prepaid shares shall be shares not full paid, upon which a single payment shall have been made, and which are to reach their matured value through crediting on such shares, dividends or participation in the profits. The holders of prepaid shares shall be entitled to such participation in the net profits, not exceeding the rate apportioned to installment shares, as the board of directors shall determine until such shares reach their matured value or are canceled or withdrawn.

SOURCE: GC §41151.