2015 07 01 | Category: Offshore Glossary

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A formal statement of a decision of any item of business that has been voted upon, reached by either the shareholders or directors of a corporation. A resolution may be written if all parties agree and sign it, or it may be made orally in a meeting on the basis of a number of votes cast and then recorded in the meeting’s minutes. An ordinary resolution is one passes by a majority of votes, and a special resolution is one passed by a majority of a minimum two thirds of the votes cast.

Resolution can also describe an official document representing an action on the part of the board of directors of a corporation.