The directors may in their discretion, under the regulations prescribed by the by-laws, retire any free shares by enforcing the withdrawal thereof, but whenever the withdrawal of any shares is to be enforced, the holders thereof must be given 30 day’s notice thereof and be paid the amount actually paid in, and full amount of profits or dividends applicable thereto to the date of retirement; such aggregate amount being hereafter in this section referred to as the retirement price. If the date fixed for such retirement is not a date on which dividends are to be paid or credited, the amount of profits or dividends applicable thereto from the last such date shall be prorated and shall be based on the rate of return for the current period if such rate shall have been determined prior to the date fixed for such retirement, and if not, shall be based on the rate of return determined for the latest previous period for which such rate shall have been determined. On or after the date fixed for retirement as stated in such notice, each holder of shares to be retired shall surrender to the association, properly endorsed, his certificate evidencing such shares and shall thereupon be entitled to receive payment of the retirement price of such shares, and in case a certificate shall be retired in part, to receive a new certificate representing the unretired part thereof. If such notice of intended retirement shall have been duly given and if on or before the date fixed for such retirement funds necessary for such retirement shall be and continue available therefor, then, notwithstanding that any certificate called for retirement in whole or in part shall not have been surrendered, dividends on the shares evidenced thereby called for retirement shall cease to accrue after the date fixed for such retirement, and all rights of the holder in respect of

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

the shares so called for retirement shall forthwith after such retirement date cease and determine, except only the right of the holder to receive the retirement price without interest or dividends after the date fixed for retirement. In all cases the notice of retirement shall expressly state that dividends will cease on the date fixed for retirement.

SOURCE: GC §41153.