quorum

Popular Terms
Fixed minimum number of eligible members or stockholders (shareholders) who must be present (physically or by proxy) at a meeting before any official business may be transacted or a decision taken therein becomes legally binding. Usually the articles of association or bylaws of a firm specify this number, otherwise the number prescribed in corporate legislation (such as company law) is followed.

Use 'quorum' in a Sentence

We could not hold the meeting until the quorum was in attendance, as that was the requirement before the board could handle any official business.
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With the arrival of the new member to the meeting, the company had reached its quorum and could now officially vote on the new stock referendum.
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I'm sorry but I cannot discuss this at this time, in order for me to speak about this we must achieve a quorum
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