10-701

10-701. Annual meeting

A. A corporation shall hold a meeting of shareholders annually at a time stated in
or fixed in accordance with the bylaws.

B. Annual shareholders' meetings may be held in or out of 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, annual meetings shall be held at the corporation's known
place of business.

C. The failure to hold an annual meeting at the time stated in or fixed in
accordance with a corporation's bylaws does not affect the validity of any corporate
action.

D. Any water users' association may provide in its articles of incorporation or
bylaws for any method of electing its governing body or bodies on a biannual or more
frequent basis, in which event the water users' association has no obligation to hold an
annual meeting notwithstanding subsection A of this section and section 10-803. Whenever
a meeting of shareholders is required or permitted under this chapter, a water users'
association, without conducting such a meeting, may accomplish the purpose of such
meeting through an election by its shareholders pursuant to its articles of
incorporation.