Meetings of stockholders or members--Organization for transaction of business, quorum required

A stockholders' or members' meeting duly held can be organized for the transaction of business whenever a quorum is present. Unless otherwise provided in the bylaws or articles of incorporation: (1) The presence, in person or by proxy, of the holders of not less than ten percent of the voting power of all stockholders or of all members shall constitute a quorum; (2) The stockholders or members present at a duly organized meeting can continue to do business until adjournment, notwithstanding the withdrawal of enough stockholders or members to leave less than a quorum; (3) If any necessary officer fails to attend such meeting, any stockholder or member present may be elected to act temporarily in lieu of any such absent officer; (4) In the absence of a quorum, those present may adjourn the meeting to such time as they may determine; and (5) An annual or special meeting of stockholders or members may be adjourned to another date without a new notice being given. Source: SL 1966, ch 111 , ch 16, § 18 (6).