§3933 Organization of corporation

Summary

The President must appoint the incorporators with the Senate’s approval and pick one of them to be chairman. Those incorporators act as the first board of directors until the corporation’s first annual meeting of stockholders or until their successors are chosen and ready. The incorporators must do what is needed to set up the corporation, including filing articles of incorporation the President approves, and must arrange the initial sale of the corporation’s stock and the partnership interests described in section 3937. If needed to meet the chapter’s goals, the initial sale may require buyers to also buy other securities of the corporation or interests in that partnership.