12 Guam Code Ann. § 50110
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Terms Used In 12 Guam Code Ann. § 50110
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(a) The Corporation is authorized to use its funds, from whatever source derived, in the exercise of its corporate powers and functions.
(b) The Corporation shall contribute to the Government of Guam Retirement Fund on the basis of annual billings as determined by the Department of Administration, for the Government’s share of the costs of the retirement benefits applicable to the Corporation’s employment and their beneficiaries. The Corporation shall provide Workmen’s Compensation coverage for its employees.
SOURCE: GC § 53559.