47-10-15. 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.
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