Guam § 28203 - Organization of Corporation.

§ 28203. Organization of Corporation.

(a) After incorporation:

(1) if initial directors are named in the articles of incorporation, the

initial directors shall hold an organizational meeting, at the call of a

majority of the directors, to complete the organization of the

corporation by appointing officers, adopting bylaws, and carrying on

any other business brought before the meeting;

(2) if initial directors are not named in the articles, the incorporator

or incorporators shall hold an organizational meeting at the call of a

majority of the incorporators:

(A) to elect directors and complete the organization of the

corporation; or

(B) to elect a board of directors who shall complete the

organization of the corporation.

(b) Action required or permitted by this Act to be taken by

incorporators at an organizational meeting may be taken without a meeting if

the action taken is evidenced by one or more written consents describing the

action taken and signed by each incorporator.

(c) An organizational meeting may be held in or out of Guam.