As Amended
SEC. 79-5-31. First meeting of corporation; notice; minutes; business which may be transacted; quorum.
The first meeting of the corporation shall be called by a notice signed by five (5) or more of the incorporators, stating the time, place and purpose of the meeting, a copy of which notice shall be mailed, or delivered, to each incorporator at least five (5) days before the day appointed for the meeting. The first meeting may be held without such notice upon agreement in writing to that effect signed by all the incorporators.
There shall be recorded in the minutes of the meeting a copy of the notice or of such unanimous agreement of the incorporators.
At such first meeting the incorporators shall organize by the choice, by ballot, of a temporary chairman and clerk. Bylaws shall be adopted, directors elected, and action taken upon such other matters within the powers of the corporation as the incorporators may see fit. The temporary clerk shall be sworn and shall make and attest a record of the proceedings. Ten of the incorporators shall be a quorum for the transaction of business.
SOURCES: Codes, 1942, Sec. 5390-16; Laws, 1960, ch. 186, Sec. 16, eff from and after passage (approved March 23, 1960).