Shareholder Meeting Requirements
A meeting of shareholders must be held annually for the election of directors and the transaction of other business on a date fixed under the bylaws. Special meetings of the shareholders may be called by the board and by such person or persons as may be so authorized by the certificate of incorporation or the bylaws.
We’ve represented insurgent shareholder groups where the co-op board has tried to hold an annual meeting for 10 years in a row but never got a quorum – and nobody did anything. If your board can’t seem to get a quorum for an annual meeting, or if you don’t think your board is trying to get a quorum, turn to the law for help. It gives shareholders a way to force the board to call an election to elect directors, regardless of how many shareholders show up.