quorum

A quorum is the minimum number of people who must attend a meeting in person, or by proxy, to constitute a legal and binding meeting. If a meeting is held where fewer than a quorum attend, the meeting should be dismissed. All decisions taken at a meeting, without a quorum, are invalid.

For general meetings of a body corporate, 50% of the owners in a scheme with less than 11 units, 35% of the owners in a scheme with between 11 and 49 units, and 20% of the owners in a scheme with more than 49 units, constitute a quorum.

The quorum for different matters on the agenda will differ. For a special resolution to be passed, the quorum for a general meeting applies. But for a unanimous resolution to be passed, 80% of all owners must attend the meeting.

The quorum for a trustees' meeting is the grater number of, two trustees, or half the total number of elected trustees.

Would you like to add another definition for "quorum" to the Real Estate Dictionary?

Terms that closely resemble "quorum":