N.Y. Limited Liability Company Law 404 – Quorum of members
§ 404. Quorum of members. (a) Except as provided in the operating agreement, a majority in interest of the members entitled to vote shall constitute a quorum at a meeting of members for the transaction of any business, provided that when a specified item of business is required to be voted on by a class of members voting as a class, a majority in interest of the members of such class shall constitute a quorum for the transaction of such specified item of business.
Terms Used In N.Y. Limited Liability Company Law 404
- Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
- Quorum: The number of legislators that must be present to do business.
(b) The operating agreement may provide for a greater quorum or a lesser quorum, provided that such lesser quorum shall not be less than one-third in interest of the members entitled to vote.
(c) When a quorum is once present to organize a meeting, it is not broken by the subsequent withdrawal of any members.
(d) The members present may adjourn the meeting despite the absence of a quorum.