Section 23-11-214 - Board of directors - Meetings(a) Except as may be otherwise provided by law or by the bylaws, a majority of the board shall constitute a quorum for the transaction of business.(b) The board of directors shall hold one (1) regular annual meeting within or without the State of Arkansas on the date fixed by the bylaws.Acts 1959, No. 30, § 14; A.S.A. 1947, § 73-328.1.