Solicitors & Lawyers
Legal Meanings
Term: ordinary resolution
1.
A resolution requiring greater that 50% of the shareholders of a company present at the meeting or by proxy to vote in favour at a general meeting of the company to approve a business transaction of the board of directors.
Usage: Ordinary resolutions are passed to give, vary, revoke or renew an authority to the directors to allot shares, to give, vary, revoke or renew an authority to the company to make a market purchase of its own shares, to prevent or reverse a directors' resolution to allow title of shares to be evidenced or transferred without a written document or to authorise an increase of share capital.
Related Words: special resolution; board resolution; extraordinary resolution; elective resolution; annual general meeting; extraordinary general meeting; written resolution.
Directors' Duties – Fines, Companies, Company Directors and Proportionality
Business Structures – Setting Up in Business in the UK
Regulatory Compliance – Accounting Requirements under the UK Companies Acts
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