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 ( ½ ) of such receipts for the purposes set forth in Section 387¹ 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.