42 U.S.C. § 3933

Organization of corporation

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(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.

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.

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

Notes of Decisions

Cited in 1 case, 2007–2007 · leading case: Nat'l Hous. P'ship v. Mun. Capital Appreciation Partners I, L.P., 935 A.2d 300 (D.C. 2007).

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Nat'l Hous. P'ship v. Mun. Capital Appreciation Partners I, L.P., 935 A.2d 300 (D.C. 2007). “See 42 U.S.C. §§ 3933 , 3937. 2 . Upon acquiring NHP’s interests in KALP, MCAP replaced NHP as KALP's general partner and thereby became potentially liable for the limited partnership's debts, including any surviving obligations to repay NHP’s loans.”

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