Quorum

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Quorum

The minimum number of people who must be present or must provide a proxy to vote at a meeting in order to make a valid decision.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Quorum

The minimum number of shareholders or board members that must be present at a meeting in order to make binding decisions for a company. Especially in the case of shareholders, the quorum may not be a number of persons, but a percentage of equity in the company represented by the owners who are present. The quorum is defined in the corporate charter. See also: Annual shareholders meeting.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
References in periodicals archive ?
The CCL provides that an adjournment of a meeting may only take place if the originally convened meeting is not quorate. For an LLC this requires 75% or more of the share capital to be present or represented.
That meant the whole council would be unable to debate or take a vote on the issue - as the two remaining members were insufficient to make meetings quorate.
Without a representative of one of the BHB's shareholders, the meeting would not be quorate. The issue will now be heard on November 12.
"The meetings won't have to be quorate, may be called at very short notice, and will undermine the work of elected councillors.
And the entire council could be prevented from debating opencast-related matters - because the two remaining members are not enough to make meetings legally quorate.
If any of the shareholders is missing-and the presence of the ROA's Go Racing critics is not guaranteed-the meeting would not be quorate and no decision could be taken.
After a couple of pints and a bag of nuts, it was formally decided that a second meeting would be held, probably at the same location, on Sunday night (weather permitting) and that if one person attended, this would not only render the meeting quorate but empower those members of the committee present to do more or less anything they liked, including the ingestion of amounts of alcohol to be decided after private consultations and the sale of the house, car and furniture (and, of course, the kids for medical experiments) to finance punting at Royal Ascot during the coming week.
The AGM was quorate with 70.46 per cent of shareholders represented.