(a) After a domestic insurance company completes the organization of the company under § 841.063, the company shall hold an annual meeting of the company’s shareholders on the fourth Tuesday in April at the home office of the company to elect the company’s board of directors.
(b) After the directors are first elected under this section, the annual meeting must be held each year as established by the company’s bylaws. The directors serve one-year terms beginning immediately after the election, except as provided by § 841.154.

(c) If the shareholders do not elect directors at an annual meeting, the shareholders may elect the directors at a special shareholders’ meeting called for that purpose.