A corporation shall hold an annual meeting of its shareholders or members, to elect directors and conduct any other business that may come before the meeting. Our free annual shareholder meeting minutes template provides all the basics to conduct your business correctly.To arbitrarily set the floor could jeopardize the Company in the long term. The owners may be issued stock certificates to serve as proof of ownership in the corporation. The Michigan Business Corporation Act (MBCA) has a number of detailed provisions governing shareholder and board of director meetings and decisions.