Okla. Stat. tit. 8, § 8-14: Trustees or directors - Regular meetings - Election of

officers - Appropriation of lot sale proceeds - Special meetings.

Meetings of board of directors. The board of trustees or

directors of such corporation shall hold a regular meeting without

notice immediately following the annual meeting of the members on

the first Tuesday in July of each and every year, at which meeting

it shall elect a president, a vice-president, a secretary, a

treasurer, and shall ascertain the amount received from the sale of

lots during the six (6) months immediately preceding such meeting

and enter the same in a book to be kept for that purpose, and shall

set aside by proper resolution not less than one-half (1/2) of such

receipts for the purposes set forth in section 387 and shall

transact such other business as may come before the meeting. Special

meetings may be held at any time upon call of the president or a

majority of the trustees or directors and upon written notice,

mailed to each member of the board at least five (5) days before the

meeting or upon written consent of all the members of the board.