Check your bylaws, but like Jewel said, usually the President can't even do that on their own, although as CrewChief pointed out, there may be times that scheduling dictates a need to re-schedule a meeting or hold it in an alternate location. But unless your bylaws state otherwise, I would say that no, the principal doesn't have the right to out and out cancel a meeting.
Cancel for what reason? If you were scheduled to meet in the school and there was a scheduling conflict then, perhaps yes. Can you meet at some other place/time?
Some people come into our lives and quickly go. Some stay for awhile and leave footprints on our hearts. And we are never, ever the same."
"The ultimate aim of karate lies not in victory or defeat but in the true perfection of one's character."