Supermajority

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Supermajority

Provision in a company's charter requiring a majority of, say, 80% of shareholders to approve certain changes, such as a merger.

Supermajority

A percentage of shareholders, usually 67% to 90%. A supermajority is often required for a company to take certain actions, such as amending the charter. Some companies require supermajorities as anti-takeover measures. For example, a company may require two-thirds of shareholders to approve of a merger or acquisition. Supermajority provisions exist primarily to ensure the company's independent survival, but they may limit the board of directors' authority in even a friendly takeover.

supermajority

A specified number of votes greater than a 51 percent simple majority. Some condo association bylaws,corporation bylaws,or neighborhood association rules require a supermajority for certain actions, such as making special assessments or amending the bylaws. The rules for the organization will specify the size of the supermajority, which can be anything from 67 to 95 percent.

References in periodicals archive ?
After all, during his six years as Missouri's junior senator, he sponsored seven constitutional amendments, including one to ban abortion, one to place a ban on flag burning, one to mandate balanced budgets, one to provide super-majorities for tax increases, and more.
Super-majorities are reserved exclusively for taxes and bond issues.
The right endeavors to require super-majorities to unbalance the budget or raise taxes, to set limits on the number of terms members of Congress can serve, to ban flag burning, to ban abortion, to protect school prayer and the public funding of religious schools, and most recently, Robert Bork's proposal to allow a mere Act of Congress to overturn Supreme Court decisions interpreting the Constitution.
Yet citizen votes would be required for new or increased taxes, even if they were balanced by other tax or fee increases, and super-majorities would be required for spending increases or fee changes.