Quorum
The Quorum for voting in a General Meeting is defined in Clause 18. By default, it is two-fifths of the membership, or 20 if the number of members is greater than 50. The default clauses are:
(a) No business shall be transacted at a General Meeting unless a quorum of members is present. Unless and until otherwise decided by General Meeting, two-fifths of the membership shall be the quorum, subject to the number of members being more than [10] and less than [50].
(b) In the event of the membership exceeding [50] the quorum shall be [20].
(c) In the event of the membership being less than [10], the quorum shall be one-half subject to a minimum of [3].
(d) No business shall be transacted at a General Meeting until the meeting has agreed a chairperson. Whenever a President is in post, the President will chair the General Meeting. If a President is not in post, or the President is not present, the meeting will elect one of the Directors to chair the meeting. If no Director is present, the meeting may elect a chairperson from amongst those present.
In FairShares V3.0 onwards, you can set the Quorum level when you create the rules for a new FairShares Enterprise using the FairShares Rules Generator.
In FairShares V3.2 onwards, provision is made for outgoing Founder Members who were the previous owners of a private company that converted to FairShares. Typically, if there is an outstanding Founder Repayment, Clause 18 should be amended to require the presence of outgoing Founder Members to reach a quorum.
Return to the FairShares Glossary.
