Definition: is a special resolution type, which requires the 100% agreement of the share- or stockholders in order to be passed. Elective resolutions are typically a part of annual general meetings. Such type of business resolutions also requires a written notice to be presented in advance (in 21 days), which should state the main points and terms of the resolution. Elective resolutions, being a specific form of business resolutions, are available prevalently for private companies.
In a Sentence:
During the last general meeting, an elective resolution was proposed, but the number of votes wasn’t enough for it to pass.
A couple of years ago, 95% of votes were enough to pass an elective resolution. Now, however, we need all 100%.
Being a public company, we don’t really need an elective resolution to approve these changes.
Synonyms and related words: special resolution, resolution to borrow, written resolution, extraordinary resolution, ordinary resolution, elective, alternative dispute resolution, elective benefits