Unit holder meeting rights require trustee to convene meetings and set quorum, voting and proxy rules. Trustees or qualifying unit holders may compel the trustee to convene meetings by notice to unit holders; the trustee chairs meetings, proxies may be appointed but cannot speak, and minutes must be kept in a minute book whose entries are conclusive as to votes. Each unit holder has one vote per unit; ordinary resolutions govern unless otherwise provided, equality of votes causes loss with the Chairman holding a casting vote, extraordinary resolutions require a three quarters majority, quorum is unit holders holding at least one tenth of unit capital, and votes proceed by show of hands unless a poll is demanded.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Unit holder meeting rights require trustee to convene meetings and set quorum, voting and proxy rules.
Trustees or qualifying unit holders may compel the trustee to convene meetings by notice to unit holders; the trustee chairs meetings, proxies may be appointed but cannot speak, and minutes must be kept in a minute book whose entries are conclusive as to votes. Each unit holder has one vote per unit; ordinary resolutions govern unless otherwise provided, equality of votes causes loss with the Chairman holding a casting vote, extraordinary resolutions require a three quarters majority, quorum is unit holders holding at least one tenth of unit capital, and votes proceed by show of hands unless a poll is demanded.
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