§3933 Organization of Corporation

Summary

The President must pick the incorporators for the corporation with the Senate’s approval. One incorporator will be named chair. Those incorporators act as the first board of directors until the first annual stockholders’ meeting or until new directors are elected and take office. The incorporators must do what’s needed to form the corporation, including filing articles approved by the President. They must set up the first sale of the company’s stock and the interests in the partnership described in section 3937. That first sale can require buyers to also purchase other company securities or partnership interests if the incorporators think it is needed.