Section 490.701 - Annual meeting1. Unless directors are elected by written consent in lieu of an annual meeting as permitted by section 490.704, a corporation shall hold a meeting of shareholders annually, at a time stated in or fixed in accordance with the bylaws, at which directors shall be elected.2. Unless the board of directors determines to hold the meeting solely by means of remote communication in accordance with section 490.709, subsection 3, annual meetings may be held as follows:a. In or out of this state at the place stated in or fixed in accordance with the bylaws.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.Amended by 2021 Iowa, ch 165, s 57, eff. 6/8/2021.Amended by 2013 Iowa, ch 31, s 9, eff. 1/1/2014.