2913

(1) As soon as stock to the amount of three-fourths (¾) of the funds required as qualification for its original certificate of authority has been paid for in a stock insurer being formed, or as soon as three-fourths of the total number of qualified applications required as qualification for its original certificate of authority have been secured as to a mutual insurer being formed, the directors of the proposed insurer shall call the first annual meeting of its stockholders or members. The meeting shall be held in the city or town of the corporation’s principal place of business as stated in its articles of incorporation, and written notice of the date, time, place, and purposes of the meeting shall be sent by registered mail to each such stockholder or member, addressed to the stockholder or member at his last address of record with the corporation, or delivered to him personally, not less than thirty days prior to the date of the meeting.\n(2) The meeting shall consider and adopt corporate bylaws, elect directors, and transact such other business as may properly come before it.\nHistory —Ins. Code § 29.130.