A corporation elected 5 corporation status. All shareholders gave their written consent, except for a missing shareholder who owns 1% of the outstanding stock. Which of the following statements about this situation is correct? The election is valid if the board of directors gives its written consent. The election is invalid because all shareholders must give their written consent. The election requires two-thirds of the shareholders' written consent to be valid The election requires 51% of the shareholders to give their written consent to be valid