South Carolina Call of Special Stockholders' Meeting by Stockholders
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Quorum. A quorum is the minimum number of members needed to attend a meeting for a resolution to be validly passed. They need to stay for the whole meeting, otherwise the meeting should end. The quorum for general meetings is 2 members, unless the company only has one member.
A shareholder meeting will often be called when shareholder input is needed in a major decision, such as a change in directors. Investors are also able to call special shareholder meetings, subject to a specific set of rules.
Any shareholder or group of shareholders holding at least 10 percent of the shares in a Company can request the Board to convene an EGM by sending a signed notice to the Company at its Registered Office.
Special meetings of the Board of Directors for any purpose may be called at any time by the President or, if the President is absent or unable or refuses to act, by any Vice President or any two Directors.
The right to attend a General Shareholders' Meeting shall accrue to the holders of at least 300 shares, provided that such shares are registered in their name in the corresponding book-entry registry five days in advance of the date on which the General Shareholders' Meeting is to be held, and provided also that they
Of course, shareholders have a legal right to attend annual meetings. It is, after all, the one time each year they have an opportunity to sit in the same room with representatives from the company.
The term shareholders refers to the people directly involved in the corporation who are participating in the company's gains or losses. The special meeting aims to enable the shareholders to know the company's affairs and vote on the management's recommendations in the proposed resolution.
The typical lower threshold is 10% of the shares, while most others require either 25% of the shares (Microsoft's level) or 50% or 51% of the shares. Most companies that allow shareholders to call a special shareholder meeting use one of these standards.
249D Meeting and 249F Meeting A similar power exists for shareholders to call and hold a meeting. Section 249F of the Corporations Act provides that members with at least 5% of the votes that may be cast at a general meeting may call, and arrange to hold a general meeting.
