(a) Whenever notice would otherwise be required to be given under any provision of this act to a shareholder, such notice need not be given if:
(1) Notices to the shareholders of two (2) consecutive annual meetings, and all notices of meetings during the period between such two (2) consecutive annual meetings, have been sent to such shareholder at such shareholder’s address as shown on the records of the corporation and have been returned undeliverable or could not be delivered; or
(2) All, but not less than two (2), payments or dividends on securities during a twelve-month period, or two (2) consecutive payments of dividends on securities during a period of more than twelve (12) months, have been sent to such shareholder at such shareholder’s address as shown on the records of the corporation and have been returned undeliverable or could not be delivered.
(b) If any such shareholder shall deliver to the corporation a written notice setting forth such shareholder’s then current address, the requirement that notice be given to such shareholder shall be reinstated.
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