SECTION 14. First meeting; holders of privileges prior to organization

The first meeting of such corporation, unless otherwise provided in its act of incorporation, shall be called by a notice, signed by the person or by a majority of the persons named in such act, setting forth the time, place and purposes of the meeting, and delivered seven days at least before the meeting to each member or published in a newspaper of the county where the corporation is established. If all the persons so named shall, in writing, upon the charter or a certified copy thereof, waive such notice and fix the time and place of the meeting, no notice shall be required. The persons so named and their associate subscribers to stock before the date of the act shall hold the franchise or privileges granted until the corporation is organized.