Every corporation heretofore or hereafter formed, and existing under the laws of the Territory of Guam, may at any time prior to the expiration of the term of its corporate existence extend such term to a period not exceeding fifty (50) years from the date of such extension.

Such extension may be made at any meeting of the stockholders, or members, called by the directors especially for considering the subjects, if voted for the stockholders representing two-thirds (2/3) of the capital stock; or by two-thirds (2/3) of the members where there is no capital stock; or may be made upon the written consent of two-thirds (2/3) of the members or of the stockholders representing two-thirds (2/3) of the capital stock; provided, the written consent of the Governor of Guam shall first be obtained. A certificate of such vote or consent of the stockholders or members, bearing the corporate seal and signed and sworn to by the president and secretary and by a majority of the directors or trustees of the corporation, together with a duly certified copy of such written consent of the Governor of Guam, shall be filed in the Department of Revenue and Taxation and thereupon the term of existence of the corporation shall be extended for the period specified in such certificate. The Director of Revenue and Taxation shall forthwith issue a certified copy of said certificate. The fees for certifying such certificate and filing the same and the certified copy thereof, shall be the same as those prescribed by law for certifying and filing articles of incorporation.

In no event shall such extensions be construed to prolong or extend the term of existence of any franchise or privilege heretofore granted to any corporation or joint-stock company by executive act, beyond the term fixed by the provisions of said act, conferring such privilege or franchise, or beyond the term fixed for the maximum period of existence, of such corporation or joint-stock company by laws in force and governing the

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18 Guam Code Ann. BUSINESS STRUCTURES & FUNCTION
CH. 5 EXTENSION AND DISSOLUTION OF CORPORATIONS

formation and organization thereof at the time such corporation or joint- stock company was formed or organized.

SOURCE: CC § 401. References to Director, Department of Finance changed to
Revenue and Taxation pursuant to P.L. 9-228.