N.Y. Banking Law 6008 – Quorum of stockholders
§ 6008. Quorum of stockholders. 1. The holders of a majority of the shares entitled to vote thereat shall constitute a quorum at a meeting of stockholders for the transaction of any business, provided that when a specified item of business is required to be voted on by a class or series, voting as a class, the holders of a majority of the shares of such class or series shall constitute a quorum for the transaction of such specified item of business.
Terms Used In N.Y. Banking Law 6008
- Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
- Organization certificate: includes (a) the original organization certificate or any other instrument filed or issued under any statute to form a corporation or foreign corporation, as amended, supplemented or restated by certificates of amendment, merger or consolidation or other certificates or instruments filed or issued under any statute; or (b) a special act or charter creating a corporation or foreign corporation, as amended, supplemented or restated by special acts or by certificates of amendment, merger or consolidation or other certificates or instruments filed or issued under any statute. See N.Y. Banking Law 1001
- Quorum: The number of legislators that must be present to do business.
2. The organization certificate or by-laws may provide for any lesser quorum not less than one-third of the shares entitled to vote, and the organization certificate may, under section six thousand sixteen, provide for a greater quorum.
3. When a quorum is once present to organize a meeting, it is not broken by the subsequent withdrawal of any stockholders.
4. The stockholders present may adjourn the meeting despite the absence of a quorum.