490.701  Annual meeting.
  1.  A corporation shall hold annually, at a time stated in or fixed in accordance with the bylaws, a meeting of shareholders.
  2.  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 principal office.
  3.  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.
89 Acts, ch 288, §53