(a) Except as provided by Subsection (b), after a mutual life insurance company is issued a certificate of authority under § 882.101, the company shall hold an annual meeting of the policyholders on the fourth Tuesday in April at the home office of the company or another location properly announced to each policyholder.
(b) The bylaws of a mutual life insurance company may establish an annual meeting date different than the date under Subsection (a). A meeting date established under this subsection must be before April 30 of each year.

(c) At each annual meeting, the policyholders:
(1) shall elect the company’s board of directors to serve until the next annual meeting, except as provided by § 882.154; and
(2) may adopt, amend, or repeal the bylaws of the company.