1. The first annual meeting shall be held on a date fixed by the first board of directors and shall be held as soon as practicable after twenty-five thousand dollars of the capital stock of the corporation has been paid into its treasury. The first and subsequent annual meetings of stockholders shall be called as provided in the bylaws of the corporation.

2. At the first annual meeting, and at each annual meeting thereafter, the directors shall be elected by vote of the stockholders. At all meetings, annual or special, of stockholders for whatever purpose held, stockholders shall have one vote for each share of stock owned. Stockholders shall have the right to vote cumulatively in all elections of directors.