This section requires annual meetings of a property owners' association's membership. It allows a member to demand a meeting if the board fails to call one.Corporations are required to hold certain formal meetings each year. (c) The failure to hold an annual meeting at the designated time does not result in the winding up or termination of the corporation. Back to chapter list. Yes, state law allows for all property types, including "noncondominium" properties, to conduct virtual annual meetings. Yes, state law allows for all property types, including "noncondominium" properties, to conduct virtual annual meetings. (a) An annual meeting of the shareholders of a corporation shall be held at a time that is stated in or set in accordance with the corporation's bylaws. A Texas Corporation. An annual meeting of shareholders is held to discuss the needs of the corporation, review the previous year, and—most importantly—elect the directors.