(1) WHEN HELD. A bank shall hold a meeting of shareholders annually at a time stated in or fixed in accordance with the bylaws. (2) WHERE HELD. A bank may hold the annual shareholders’ meeting in or outside this state at the place stated in or fixed in accordance with the bylaws. If no place is stated in or fixed in accordance with the bylaws, the bank shall hold the annual meeting at its principal office. (3) EFFECT OF FAILURE TO COMPLY. Failure to hold an annual meeting in one or more years does not affect the validity of any bank action.
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