Last Updated December 30, 2024
A Directors' Organizational Meeting occurs after a company's Articles of Incorporation have been filed and the company is officially incorporated.
The purpose of the meeting is to organize the corporation in order to determine how it will run, as well as other housekeeping details regarding shareholders, appointment of officers, and Corporate Bylaws.
A Directors' Organizational Meeting is also known as a/an:
- Board of Directors' Organizational Meeting
- Corporate Organizational Meeting
- First Organizational Meeting
- Initial Directors' Meeting
- Minutes of Organizational Meeting
A director of a corporation is an appointed official who manages the day-to-day affairs in the company.
Their primary objective is to pursue the business objectives of the corporation in good faith and guide it towards profit and success. They are expected to conduct themselves lawfully, meaning they are prohibited from actions that take advantage of their position or that harm the company or shareholders.
Directors are typically elected by the shareholders at the annual meeting of the corporation.
The chairman of the board is one of the members on the board of directors who is elected to a position of leadership. Typically, they are the liaison between the board, the shareholders, and company management.
Often, the chairman of the board acts as the chairman of corporate meetings, managing and ensuring order while they take place. Depending on the structure of the organization, the chairman might also be the chief executive officer (CEO) of the company.
A corporation's organizational meeting is meant to be the initial meeting of the owners of the corporation and management.
Typically, the items on the meeting agenda include:
- The appointment of corporate officers
- The acquisition of a minute book to record meeting minutes and actions
- The approval of Corporate Bylaws
- The approval of share certificates
- The appointment of a banking or financial institution
- The approval of the corporate seal
- Any other resolutions
An organizational meeting occurs once at the formation of the corporation. After that, shareholders typically hold scheduled annual meetings to review the year and to discuss new business and future plans for the corporation.
Directors (or sometimes shareholders themselves) may also call special meetings of the shareholders to deal with particular issues that arise.
