(a) (1) Every cooperative shall hold an annual meeting of its members to elect directors and to transact any other business within its powers. (2) The meeting shall be held: (i) At the time provided in the bylaws; or (ii) If the bylaws specify a period not exceeding 31 days during which the meeting may be held, at a time within that period set by the board of directors. (b) The bylaws may provide for additional regular meetings. (c) (1) The board of directors may call a special meeting at any time. (2) Ten percent of the members may demand a special meeting at any time by filing a petition which states the specific business to be brought before the meeting, and the board of directors then shall call the meeting. (d) Notice of each meeting shall be mailed to each member at least ten days before the meeting and, if a special meeting is called, the notice shall state the purpose of the meeting.
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