All elections of directors shall be by ballot, unless otherwise provided in the articles of incorporation. The first meeting for the election of directors, at which meeting any business may be transacted, shall be held at any place either within or without the United States Virgin Islands fixed by a majority of the incorporators in a writing signed by them, and thereafter meetings of the stockholders shall be held annually for the election of directors and the transaction of any other business at the time and place within or without the United States Virgin Islands named in the bylaws, and which shall not be changed within 60 days next before the day on which the election is to be held. A notice of any change shall be given to each stockholder 20 days before the election is held, in person or by letter mailed to his last known post-office address. The bylaws may state the city, town or village in which meetings of stockholders for the election of directors, after the first meeting, may be held and authorize the board of directors to fix the place within such city, town or village for the holding of such meeting. At least 10 days' notice shall be given to the stockholders of the place so fixed.