§ 5506 Initial Director Meeting Requirements

• •When a new company starts, its leaders must have a meeting within 30 days.
• •In this meeting, they must pick officers (like a president or treasurer) and do other important setup tasks.
• •If they need more time, a special person called the commissioner can give them extra days to have the meeting.

A group of people starts a new business selling toys.

Within 30 days, they must have a meeting to choose who will be in charge, like a boss or an accountant. If they can't do it in time, they can ask the commissioner for more days.