The annual meeting of such association shall be held at some suitable place on its grounds at such time as shall be fixed by the board of trustees, and may adjourn from day to day as may be necessary for the transaction of its business. At the first annual meeting the entire number of the board of trustees shall be elected, and at each annual meeting thereafter there shall be elected such number of trustees as shall be necessary to fill the places of trustees whose term of office then expires, and all vacancies in such board. Such election shall be by ballot, and any person receiving a majority of all the votes cast shall be elected. Any and all business of the association may be considered and acted upon at such meeting, and such instructions given to the board of trustees as may be determined upon. If, for any reason, the annual meeting of the association shall not be held at the time fixed therefor, the board of trustees shall, within 60 days thereafter, call a special meeting of the association, at a time fixed by it for that purpose, and notify each member of the association thereof by mailing a notice addressed to him or her to his or her place of residence, if known; and such special meeting, when so called and held, shall have the same powers as the annual meeting would have had if held at the time fixed therefor. At any meeting of the association each member thereof shall be entitled to 1 vote. The trustees shall make to such annual meeting a report, in writing, of their doings and of the management of the business of the association, the condition of its property, concerns, and its assets and liabilities, and such other matters as to them shall seem proper.