21 Guam Code Ann. § 68704
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Terms Used In 21 Guam Code Ann. § 68704
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
Any person who is a citizen of the United States and of legal age, any corporation authorized to do business in the territory of Guam and authorized by its articles of incorporation to engage in agriculture and any partnership, limited or general, licensed to do business in the territory of Guam, shall, in accordance with the provisions of this Law, be eligible to lease government of Guam land for agricultural purposes.
SOURCE: P.L. 15-18:4 codified by Compiler; as amended by P.L. 19-10:43.