Section 5506 Of Article 2. Petition For Certificate Of Authority From California Financial Code >> Division 2. >> Chapter 2. >> Article 2.

. 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.