Missouri Laws 351.267 – Five percent of shares of telephone company constitutes quorum, when — ..
1. Notwithstanding other provisions in this chapter, unless a provision in the articles of incorporation or bylaws requiring a larger percentage is hereafter confirmed or adopted, five percent of the outstanding voting shares, represented in person or by proxy, constitutes a quorum at a meeting of shareholders of a corporation organized pursuant to this chapter for the purpose of providing telephone services and whose articles of incorporation limit the ownership of voting shares to one share by any one person or shareholder. Such corporations may determine by articles of incorporation or bylaws to elect directors by districts to further the principle of geographical representation.
2. Unless a larger vote is required by the articles of incorporation or bylaws of the corporation, the action of a majority of a quorum is a valid corporate act, including by way of extension but not of limitation, amendment of articles of incorporation and the increase of bonded indebtedness; except that with respect to the sale, lease, exchange or other disposition (except by mortgage, deed of trust or pledge) of all, or substantially all of the property and assets, with or without goodwill, of the corporation, the vote required in the case of corporations generally shall control.
Terms Used In Missouri Laws 351.267
- Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Articles of incorporation: includes the original articles of incorporation and all amendments thereto, and includes articles of merger or consolidation. See Missouri Laws 351.015
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- hereafter: means the time after the statute containing it takes effect. See Missouri Laws 1.020
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: includes , without limitation, an individual, a foreign or domestic corporation whether not for profit or for profit, a partnership, a limited liability company, an unincorporated society or association, two or more persons having a joint or common interest, or any other entity. See Missouri Laws 351.015
- Property: includes real and personal property. See Missouri Laws 1.020
- Quorum: The number of legislators that must be present to do business.
- Shareholder: means one who is a holder of record of shares in a corporation. See Missouri Laws 351.015
3. If less than a quorum is present at any meeting, a majority of those present may adjourn the meeting from time to time without further notice.