Yesterday we mentioned that Yahoo (NSDQ: YHOO) was really pushing the envelope, if not the edges of the law by scheduling its annual meeting for August 1, more than thirteen months after the past one, which is the legally allowable timeframe. So how does it get away with it? Steven Davidoff explains that no legal entity will interdict without a shareholder first bringing a lawsuit against the company, and under some readings of the law, no shareholder can bring such a case until after the 13 months has expired. Basically, there’s not much time between when that expires and August, 1, so the likelihood of such an outcome is pretty low. And if a lawsuit is filed (and frankly, it’s not hard to imagine someone bringing one), the worst that could happen is that the court demand Yahoo move the meeting up on the calendar. Beyond that, the whole drama hanging over the meeting could easily be moot by that point, if some sort of deal between Microsoft (NSDQ: MSFT), Yahoo and Carl Icahn is reached from now until then.

• Yahoo Sets Annual Meeting For August 1