(1) Unless directors are elected by written consent in lieu of an annual meeting as permitted by 35-14-704, a corporation shall hold a meeting of shareholders annually at a time stated in or fixed in accordance with the bylaws at which directors must be elected.
(2) Unless the board of directors determines to hold the meeting solely by means of remote communication in accordance with 35-14-709 (3), annual meetings may be held:
(a) in or out of this state at the place stated in or fixed in accordance with the bylaws; or
(b) if no place is stated in or fixed in accordance with the bylaws, 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.