Quorum

Quorum

The number of members of a governing body of an entity who must be present before business can be transacted or a vote can be counted. With respect to meetings of a corporation’s shareholders, this is the minimum number of shareholders present (or accounted for) at a meeting necessary to conduct business. With respect to meetings of the board of directors or a committee of a corporation, this is the minimum number of directors or committee members, as applicable, present (or accounted for) at a meeting necessary to conduct business.

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