(1) At a time stated in or fixed in accordance with the bylaws, a corporation with members shall hold annually a meeting of its members.
(2) Annual membership 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) At the annual meeting: The president and chief financial officer shall report on the activities and financial condition of the corporation; and
(4) The members shall consider and act upon such other matters as may be raised consistent with the notice requirements of § 48-57-105.
(5) The failure to hold an annual meeting at a time stated in or fixed in accordance with a corporation's bylaws does not affect the validity of any corporate action.