If you have a corporation in California you're required to issue shares of stock - we break down what that means and what you need to do. A corporation must have at least three directors unless the corporation has fewer than three shareholders.Any action that may be taken at any annual or special meeting of shareholders may be taken without a meeting and without prior notice. Approval of any action that also requires shareholder approval or approval of the outstanding shares. Filling board or board committee vacancies. Post-merger are Big Corp. Issuing new shares typically requires approval from the company's shareholders.