meeting

  

Definition

Formal or informal deliberative assembly of individuals called to debate certain issues and problems, and to take decisions. Formal meetings are held at definite times, at a definite place, and usually for a definite duration to follow an agreed upon agenda. In a corporate setting, they are divided into two main groups (1) Organizational meeting: normally a regular meeting involving stockholders (shareholders) and management, such as a board meeting and annual general meeting (AGM). (2) Operational meeting: regular or ad hoc meeting involving management and employees, such as a committee meeting, planning meeting, and sales meeting. A meeting is typically headed by a chairperson, and its deliberations are recorded in a written form called minutes. Under corporate legislation, two main types of meetings are general meetings and special or extraordinary meetings. Such meetings must have a minimum number of members (called quorum) present to make the legally operative. Decisions (called resolutions) are made on the basis of number of votes the assenting and dissenting parties can muster. Under the doctrine of collective responsibility, decisions taken at these meetings bind all members whether present or not. However, a dissenting minority may apply to a court to have an already adopted resolution set aside if it is deemed illegal, iniquitous, or ultra vires.

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