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"There is such a lot of work to do to scrutinise public expenditure - this committee is failing in its duty if it cannot meet in a quorate arrangement."
All shareholders present or by proxy (representing a quorate of over 62.3 per cent of its shareholders) voted unanimously in favour of the Sukuk Al Mudarabah restructuring, said a statement from the company.
The commission as currently composed is overseeing the implementation of the approved activities, however, approval of new policies will have to be differed awaiting the restoration of a quorate commission.
Its business is frequently truncated by not being quorate and members of the National Assembly both government and Opposition offer a dilatory attitude to attendance.
It is a standard approach to have board meetings only deemed to be quorate with the presence of the investor-nominated director, and the "reserved matter" decision would only pass provided the investor-nominated director votes affirmatively on that decision.
The report states: "During 2017/18 a number of committees of the North East Combined Authority have had insufficient members in attendance to be quorate.
The report states: "During 2017/18 a number of committees of the North East Combined Authority have had insufficient members in attendance to be quorate. This position runs the risk that important decisions and committee business cannot be fulfilled or is delayed.
Reportedly, a sufficient number of noteholders were present in order for each noteholders' meeting to be quorate and a requisite majority of the voting noteholders at each noteholders meeting voted in favour of approving the proposed amendment to the terms and conditions.
The approval of at least 75 per cent by value of the shares represented at FGB and NBAD quorate general assembly meetings was required to proceed with the merger.
Of the thirty two committee members, sixteen attended that night, and although the meeting was quorate, the orthodox perspective was underrepresented as only one report supported the interventions (although that fact did not ultimately change the course of events, see below).
The meeting was not quorate until a second member, Clr Marchington, arrived later and the remainder did not attend.
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