Financial Code section 5506

Within 30 days after the corporate existence of an association begins, the directors of the association shall hold an organization meeting and shall elect officers pursuant to the provisions of this division and the bylaws. At the organization meeting, the directors shall take any other action that is appropriate in connection with the organization of the association. The commissioner may extend by order the time within which the organization meeting shall be held.

Source: Section 5506, https://leginfo.­legislature.­ca.­gov/faces/codes_displaySection.­xhtml?lawCode=FIN§ionNum=5506.­ (updated Jan. 1, 1983; accessed Jun. 25, 2025).

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Verified:
Jun. 25, 2025

§ 5506's source at ca​.gov