§415B-42 Organizational meetings. After the effective date of the articles of incorporation, an organizational meeting of the board of directors named in the articles of incorporation shall be held at the call of a majority of the members or directors as stated in the articles for the purpose of adopting bylaws, and transacting any other business. The directors or members calling the meeting shall give at least three days' notice of the time and place of the meeting to each director.

A first meeting of the members may be held at the call of at least a majority of the directors, upon at least three days' notice for any purpose stated in the notice. [L 1985, c 270, pt of §1; am L 1987, c 135, §152]