(1) A corporation shall hold a meeting of shareholders annually at a time and date stated in or fixed in accordance with the bylaws, or, if not so stated or fixed, at a time and date stated in or fixed in accordance with a resolution of the board of directors.
Annual shareholders' meetings may be held in or out of this state at the place statedin or fixed in accordance with the bylaws, or, if not so stated or fixed, at a place stated in or fixed in accordance with a resolution of the board of directors. If no place is so stated or fixed, annual meetings shall be held at the corporation's principal office.
The failure to hold an annual meeting at the time determined pursuant to subsection(1) of this section does not affect the validity of any corporate action and does not work a forfeiture or dissolution of the corporation.
Source: L. 93: Entire article added, p. 764, § 1, effective July 1, 1994. L. 96: Entire section amended, p. 1315, § 15, effective June 1.