Washington Code 24.03A.120 – Organization of corporations
Current as of: 2023 | Check for updates
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(1) After incorporation:
Terms Used In Washington Code 24.03A.120
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(a) The initial directors shall hold an organizational meeting at the call of a majority of the initial directors to complete the organization of the nonprofit corporation by appointing officers, adopting bylaws, and carrying on any other business brought before the meeting; and
(b) If the initial directors resign or refuse to meet, then the incorporator or incorporators shall hold a meeting at the call of a majority of the incorporators to elect a board of directors who shall complete the organization of the corporation.
(2) An organizational meeting may be held in or out of this state.
(3) The directors or incorporators may take organizational action without a meeting if the action taken is evidenced by one or more consents in the form of a record describing the action taken and executed by each director or incorporator.
NOTES:
Effective date—2021 c 176: See note following RCW 24.03A.005.