(d) Directors are elected at the first annual shareholders' meeting and at each annual meeting thereafter unless their terms are staggered under G.S. 55-8-06. (a). The terms of the initial directors of a corporation expire at the first shareholders' meeting at which directors are elected. (b).Annual meeting. (a). The shareholder meeting may be held in North Carolina or at any place stated in the bylaws. Normally, is held at the corporation's principal office. They serve until the shareholders hold their first meeting and elect their successors. Thereafter, directors serve until the next annual shareholders' meeting. You can now create and submit business creation documents online here. Need help filing business creation documents online? To form a corporation in North Carolina, you must register your company with the state, create internal corporate documents, and issue stock, among other tasks.