1. If the first board is not named in the articles, the incorporators may elect the
first board or may act as directors with all of the powers, rights, duties, and liabilities
of directors, until directors are elected or until shares are issued, whichever occurs
2. After the issuance of the certificate of incorporation, the incorporators or the
directors named in the articles shall, within a reasonable time, hold an organizational
meeting at the call of a majority of the incorporators or of the directors named in
the articles or take written action, for the purposes of transacting business and
taking actions necessary or appropriate to complete the organization of the corporation,
including amending the articles; electing directors; adopting bylaws; electing
officers; adopting banking resolutions; authorizing or ratifying the purchase, lease,
or other acquisition of suitable space, furniture, furnishings, supplies, and materials;
approving a corporate seal; approving forms of certificates for shares of the corporation;
adopting a fiscal year for the corporation; accepting subscriptions for and issuing
shares of the corporation; and making any appropriate tax elections. If a meeting is held, the person or persons calling the meeting shall give at least
three days' notice of the meeting to each incorporator or director named, stating
the date, time, and place of the meeting. Incorporators and directors may waive notice of an organizational meeting in the
same manner a director may waive notice of meetings of the board under subsection 5 of section 10-19.1-43.
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