13.1-623 - Organization of corporation. - Virginia Statutes

§ 13.1-623. Organization of corporation.

A. After incorporation:

1. If initial directors are named in the articles of incorporation, theinitial directors shall hold an organizational meeting, at the call of amajority of the directors, to complete the organization of the corporation byappointing officers, adopting bylaws, and carrying on any other businessbrought before the meeting; or

2. If initial directors are not named in the articles, the incorporator orincorporators shall hold an organizational meeting at the call of a majorityof the incorporators:

a. To elect a board of directors and complete the organization of thecorporation; or

b. To elect directors who shall complete the organization of the corporation.

B. Action required or permitted by this Act to be taken by incorporators atan organizational meeting may be taken without a meeting if the action takenis evidenced by one or more written consents describing the action taken andsigned by each incorporator.

C. An organizational meeting may be held in or out of this Commonwealth.

(Code 1950, § 13.1-54; 1956, c. 428; 1972, c. 606; 1974, c. 71; 1975, c. 500;1985, c. 522.)