(a) If the department considers it expedient, the department may call a meeting of the board of directors or of the shareholders of a licensee.
(b) The department shall send notification of the time, place, and purpose of the meeting not less than five days before the meeting to each director, if a directors' meeting, or to each shareholder, if a shareholders' meeting, either by personal service or by registered or certified mail sent to the person's last known address as shown in the records of the department.
(c) The licensee shall pay the notice and meeting expenses for a meeting of shareholders called under (a) of this section.