US Laws, Codes, Statutes & Cases

§74.  Quorum

A.  A shareholders' meeting properly called on due notice, if notice is required, may be organized for the transaction of business whenever a quorum is present.  

B.  Except as otherwise provided in this Chapter or in the articles or by-laws:

(1)  The presence, in person or by proxy, of the holders of a majority of the total voting power shall constitute a quorum, except that in no event shall a quorum consist of less than one-fourth of the total voting power;

(2)  The shareholders present or represented at a duly organized meeting shall constitute a quorum and may continue to do business until adjournment, notwithstanding the withdrawal of enough shareholders to leave less than a quorum as fixed in subsection B(1) of this section or in the articles or by-laws, or the refusal of any shareholders present to vote;

(3)  If a meeting cannot be organized because a quorum has not attended, those present may adjourn the meeting to such time and place as they may determine, subject, however, to the provisions of R.S. 12:73(C).  In the case of any meeting called for the election of directors, those who attend the second of such adjourned meetings, although less than a quorum as fixed in subsection B(1) of this section or in the articles or by-laws, shall nevertheless constitute a quorum for the purpose of electing directors.  

Acts 1968, No. 105, §1.