N.D. Cent. Code § 10-30.6-05
This is the official text of N.D. Cent. Code § 10-30.6-05, part of North Dakota’s Cent. Code — part of the compiled statutory law of North Dakota, published by the state as "Cent. Code." Browse the sections below, each linked to its official government source.
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10-30.6-05. Board of directors
Official statutory text
10-30.6-05. Board of directors
1. All the corporate powers of the corporation must be exercised by a board of no fewer
than five elected directors who must be residents of this state. The number of directors
and their term of office must be determined in the bylaws. If any vacancy occurs in the
board of directors, the remaining directors may elect a person to fill the vacancy until
the next annual meeting of the corporation.
2. The first board of directors shall adopt bylaws, which remain effective until amended or
repealed by action of the board.
3. The first annual meeting must be held at a date to be fixed by the board of directors as
soon as reasonably possible after a minimum of twenty-five percent of the capital
stock of the corporation has been paid into its treasury. The annual meeting must be
called in the manner provided by the bylaws.
1. All the corporate powers of the corporation must be exercised by a board of no fewer
than five elected directors who must be residents of this state. The number of directors
and their term of office must be determined in the bylaws. If any vacancy occurs in the
board of directors, the remaining directors may elect a person to fill the vacancy until
the next annual meeting of the corporation.
2. The first board of directors shall adopt bylaws, which remain effective until amended or
repealed by action of the board.
3. The first annual meeting must be held at a date to be fixed by the board of directors as
soon as reasonably possible after a minimum of twenty-five percent of the capital
stock of the corporation has been paid into its treasury. The annual meeting must be
called in the manner provided by the bylaws.
Status: repealed · Read it on the official government site
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