Supermajority

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Related to supermajorities: Majority vote

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 ?
Proponents of the supermajority rule argue that the framers may have meant this list to be simply the minimal list of occasions that require supermajorities and that they intended to allow Congress to add to the list.
The Open Letter's attempt to establish a constitutional requirement of majority rule fails because the only inference that can be drawn from the provisions requiring supermajorities in certain instances is that the Constitution itself does not require a supermajority for the passage of legislation.
Finally, although I do not favor a balanced budget amendment on the grounds that it might be impossible to enforce, I would support a constitutional amendment, or even a legislative provision, that stipulates that all revenue and expenditure initiatives require supermajorities (for example, 60 percent) to pass both houses of the Congress.
But majority-approved initiatives requiring supermajorities are nothing new in California, as evidenced by last year's passage of Proposition 39, or 1978's Proposition 13.
The Articles of Confederation required congressional supermajorities for especially important subjects, including the raising and spending of money.