Organization of corporation

42 U.S.C. § 3933

• Title: 42 — The Public Health and Welfare
• Chapter: 49 — NATIONAL HOUSING PARTNERSHIPS

Text

(a) Appointment of incorporators; Chairman; initial board of directors
The President of the United States shall appoint, by and with the advice and consent of the Senate, incorporators of the corporation, one of whom shall be designated by the President to serve as chairman. The incorporators shall serve as the initial board of directors until the first annual meeting of stockholders or until their successors are elected and have qualified.
(b) Action by incorporators; filing articles of incorporation
The incorporators shall take whatever actions are necessary or appropriate to establish the corporation, including the filing of articles of incorporation as approved by the President.
(c) Initial offering of stock in corporation and of interests in partnership; terms of offering
The incorporators shall also arrange for an initial offering of shares of stock in the corporation and of interests in the partnership described in section 3937 of this title. If the incorporators deem it advisable in order to carry out the purposes of this chapter, the initial offering may be made upon terms which require the purchase of other securities of the corporation or of interests in such partnership.

History

(Pub. L. 90–448, title IX, §903, Aug. 1, 1968, 82 Stat. 547.)