What happens at the first meeting of the board of directors of a corporation and when does it take place?
The first meeting establishes the corporate structure of the company by appointing the initial directors and officers, authorizing the issuance of share to the initial shareholders, authorizing the bank of choice for the corporation, and establishing the principal place of business, in addition to many other important details. The meeting should take place after the corporation is in existence and has the authority take action. It is prudent to hold the meeting after the corporation has received a filed copy of the article of incorporation from the secretary of state to ensure that the company in authorized to do business and validly existing.
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