§ 55-2-05. Organization of corporation. - North Carolina Statutes

§55‑2‑05.  Organization of corporation.

(a)        Afterincorporation:

(1)        If initial directorsare named in the articles of incorporation, the initial directors shall hold anorganizational meeting at the call of a majority of the directors to completethe organization of the corporation by appointing officers, adopting bylaws,and carrying on any other business brought before the meeting;

(2)        If initial directorsare not named in the articles, the incorporator or incorporators shall hold anorganizational meeting at the call of a majority of the incorporators: (i) toelect directors and complete the organization of the corporation; or (ii) toelect a board of directors who shall complete the organization of thecorporation.

(b)        Action required orpermitted by this Chapter to be taken by incorporators at an organizationalmeeting may be taken without a meeting if the action taken is evidenced by oneor more written consents describing the action taken and signed by eachincorporator.  If the incorporators act at a meeting, the notice and proceduralprovisions of G.S. 55‑8‑22, 55‑8‑23, and 55‑8‑24shall apply.

(c)        An organizationalmeeting may be held in or out of this State. (Code, s. 665; 1901, c. 2, s.18; Rev., s. 1142; C.S., s. 1118; G.S., s. 55‑6; 1955, c. 1371, s. 1;1969, c. 751, s. 3; 1989, c. 265, s. 1.)