A corporation shall hold a meeting of shareholders annually at a time stated in or fixed in accordance with the bylaws. There is usually no specific state requirements for how to conduct these meetings.(a) A corporation must hold a meeting of shareholders annually at a time stated in or fixed in accordance with the bylaws. They serve until the shareholders hold their first meeting and elect their successors. Thereafter, directors serve until the next annual shareholders' meeting. Virginia articles of incorporation are filed to create a corporation. This guide provides instructions and tips when preparing and filing this legal document. Maintaining a corporation requires the filing of various reports and holding an annual meeting with its Shareholders and Board of Directors. The first shareholder meeting is an organizational meeting where shareholders ratify and approve the actions of the incorporators. Government contracting can be complex, especially for small businesses getting involved for the first time.