First annual meeting--Conditions--Subsequent annual meetings

The first annual meeting of a business development credit corporation shall occur at a date to be fixed by the board of directors as soon as reasonably possible after a minimum of twenty - five percent of the capital stock of the corporation is paid into its treasury and a minimum of ten stockholder members of the corporation have qualified as provided in § 47-10-16 ; and such annual meeting and subsequent annual meetings shall be called and the directors shall be elected in the manner provided in the bylaws. Source: SL 1957, ch 314 , § 4; SDC Supp 1960, § 55.6004.