Business, Legal & Accounting Glossary
The fixed minimum number of eligible members or stockholders 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.
In law, a quorum is the minimum number of members of a decision-making group necessary to conduct the business of that group. Legislative chambers, international organizations, and corporate boards of directors all generally make decisions only when they have quorum. Quorum is generally defined for any deliberative group within that group’s charter. The most common quorum is a simple majority. In the absence of quorum, a group will be unable to vote on any actions that require its decision. For instance, quorum is defined for both the Senate and the House of Representatives in the US Constitution. The walking out of a meeting or failing to show for it at all by a subgroup is an effective way of blocking action. Such a measure is known as breaking quorum.
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This glossary post was last updated: 25th March, 2020