quorum

  

Definition

Fixed minimum number of eligible members or stockholders (shareholders) who must be present (physically or by proxy) at a meeting before any official business may be transacted or a decision taken therein becomes legally binding. Usually the articles of association or bylaws of a firm specify this number, otherwise the number prescribed in corporate legislation (such as company law) is followed.

Use quorum in a sentence

  • We could not hold the meeting until the quorum was in attendance, as that was the requirement before the board could handle any official business.

    2 people found this helpful
  • With the arrival of the new member to the meeting, the company had reached its quorum and could now officially vote on the new stock referendum.

    6 people found this helpful
  • I'm sorry but I cannot discuss this at this time, in order for me to speak about this we must achieve a quorum

    7 people found this helpful
Show more usage examples...

Related Videos




http://www.businessdictionary.com/definition/quorum.html

Have a question about quorum? Ask for help in the
Community
Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z