351.267.  Five percent of shares of telephone company constitutes quorum, when — powers of quorum — directors, election by districts authorized. — 1.  Notwithstanding other provisions in this chapter, unless a provision in the articles of incorporation or bylaws requiring a larger percentage is hereafter confirmed or adopted, five percent of the outstanding voting shares, represented in person or by proxy, constitutes a quorum at a meeting of shareholders of a corporation organized pursuant to this chapter for the purpose of providing telephone services and whose articles of incorporation limit the ownership of voting shares to one share by any one person or shareholder.  Such corporations may determine by articles of incorporation or bylaws to elect directors by districts to further the principle of geographical representation.

  2.  Unless a larger vote is required by the articles of incorporation or bylaws of the corporation, the action of a majority of a quorum is a valid corporate act, including by way of extension but not of limitation, amendment of articles of incorporation and the increase of bonded indebtedness; except that with respect to the sale, lease, exchange or other disposition (except by mortgage, deed of trust or pledge) of all, or substantially all of the property and assets, with or without goodwill, of the corporation, the vote required in the case of corporations generally shall control.

  3.  If less than a quorum is present at any meeting, a majority of those present may adjourn the meeting from time to time without further notice.