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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. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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