Meaning of Quorum
There are various legal requirements regarding the conduct of a meeting and quorum is one of them. Quorum is the number (such as a majority) of officers or members of a body that when duly assembled is legally competent to transact business. A quorum is the minimum number of people who must be present to pass a law, make a judgment, or conduct business. Its requirements typically are found in a court, legislative assembly, or corporation (where those attending might be directors or stockholders).
The reason for a quorum regulation is to give decisions made by a quorum enough authority to allow the binding action to be conducted. It is the minimum number of persons that require being present at in a meeting. Quorum number of members must be there in the meeting before the commencement of its procedures. The meeting should be attended by a minimum number of members to prevent mistreatment or neglect of powers. Fixed minimum number of qualified members or shareholders who must be present at a meeting before any official business may be transacted or a decision was taken therein becomes lawfully binding. Therefore, the quorum is required for validly transacting the business of the meeting. The rule of the quorum is generally specified in the Articles of Association of a company.