Unfortunately the information you put out is irrelevant. Since you feel context is so important, I will provide the full section from KBLB’s bylaws:
Section 1. Place of shareholder meetings. Meetings of the shareholders shall be held at any place, either within or without this state, as may be selected from time to time by the Board of Directors. In the absence of any such designation to the contrary, shareholder's meetings shall be held at a place designated by the board of directors which is within 20 miles from Michigan State University's Beaumont Tower.
Section 2. Electronic meetings. The board of directors may, in its sole discretion, determine that a meeting of shareholders shall not be held at any place, but may instead be held by means of remote communication. If a 'meeting is to take place by means of remote communication, the board shall take into consideration shareholders' ability to participate by remote communication and provide an alternative means of participation for those shareholders unable to participate by remote communication.
Section 3. Notice of shareholder meetings. The corporation shall notify shareholders of the date, time, place and means of communication of each annual and special shareholders' meeting no fewer than ten (10) nor more than sixty (60) days before the meeting date. The corporation is required to give notice only to shareholders entitled to vote at the meeting.
Section 4. Annual meeting of the shareholders. The annual meeting of the shareholders shall be held on the 2nd Wednesday of March at 11M A.M. local time. If this day be a legal holiday, then the meeting shall be held on the next succeeding business day, at the same time. At the annual meeting, the shareholders shall elect a board of directors, report the affairs of the corporation, and transact such other business as may properly be brought before the meeting, if the above date is inconvenient, as may be determined by the board of directors, the annual meeting of shareholders shall be held within each calendar year on a date and at a time designated by the board of directors upon proper notice to all shareholders.
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Section 5. Special Meetings of shareholders. Special meetings of the shareholders may be called at any time by the Chairman of the Board of Directors, or the Board of Directors. Special meetings of the shareholders may also be called if the holders of at least twenty five percent (25%) of ali the votes entitled to be cast on any issue proposed to be considered at the proposed special meeting sign, either manually or in facsimile, date, and deriver to the corporation one (1) or more written demands for the meeting describing the purpose or purposes for which it is to be herd. A written demand for a special meeting may be revoked by a writing to that effect received by the corporation prior to the receipt by the corporation of demands sufficient in number to require the holding of a special meeting.
The record date for determining shareholders entitled to demand a special meeting is the date the first shareholder signs the demand.
Special shareholders' meetings may be held in or out of this state at the place determined by the board of directors and stated in the notice of the meeting. The board of directors may, in its sole discretion, determine that the meeting shall not be held at any place, but may instead be held by means of remote communication as described above in the bylaws relating to annual meetings.
Section 6. Notice of Special Meeting. At any time, upon written request of any person or persons who have properly called a special meeting, it shall be the duty of the Secretary to fix the date of the meeting, to be held not more than sixty days after receipt of the request, and to give due notice thereof. If the Secretary shall neglect or refuse to fix the date of the meeting and give notice thereof, the person or persons calling the meeting may do so.
Business transacted at all special meetings shall be confined to the objects stated in the call and matters germane thereto, unless all shareholders entitled to vote are present and consent.
Written notice of a special meeting of shareholders stating the time and place and object thereof, shall be given to each shareholder entitled to vote thereat. Unless otherwise provided by law, written notice of any meeting shall be given not less than ten nor more than sixty days before the date of the meeting to each shareholder entitled to vote at such meeting.
Section 7. Quorum: A majority of the outstanding shares of the corporation entitled to vote, represented in person or by proxy, shall constitute a quorum at any meeting of shareholders, If less than a majority of the outstanding shares entitled to vote is represented at a meeting, a majority of the shares so represented may adjourn the meeting from time to time without further notice. At such adjourned meeting at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally noticed. The shareholders present at a duly called or held meeting at which a quorum is present may continue to do business until adjournment, notwithstanding the withdrawal of enough shareholders to leave fess than a quorum, if any action taken (other than adjournment) is approved by at least a majority of the shares requiredto constitute a quorum.
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A quorum is 50% of the outstanding shares entitled to vote + 1. Thompson for many years had a majority share but, after dilution and after his stock sales, he needs outside help to reach that number.
The SEC requires 14A Proxy Statements to be filed prior to annual shareholder meetings. EDGAR (the official SEC investor toolkit) reports precisely 0 14A forms filed by KBLB. Not a single one.
KBLB is not having secret shareholder meetings where no actual shareholders are invited. They are not holding annual shareholder meetings.
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