At a special meeting for Bonchon, what limitations are placed on the business that can be transacted?
Bonchon Franchise · 2025 FDDAnswer from 2025 FDD Document
Any action required to be taken at a meeting of the members of the Corporation (except for the election of Directors), or any other action which may or might be taken at a meeting of members, may be taken without a meeting if a written consent setting forth, with specificity, the action to be taken is signed by members who, in the aggregate, possess 75% percent of total membership votes, as calculated in Section 5.08 above.
At any meeting, no member shall speak longer than five minutes at any one time, except with the approval of a majority vote of the members present.
The order of business at meetings of members shall be as follows:
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- Attendance Record.
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- Proof of Notice of Meeting or Waiver of Notice.
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- Reading of Minutes of Preceding Meeting.
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- Report of Board.
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- Election of Board (where appropriate).
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- Old Bonchon Business.
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- New Bonchon Business.
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- Adjournment.
Source: Item 23 — RECEIPTS (FDD pages 92–536)
What This Means (2025 FDD)
According to Bonchon's 2025 Franchise Disclosure Document, any action required to be taken at a meeting of the members of the Corporation (except for the election of Directors), or any other action which may or might be taken at a meeting of members, may be taken without a meeting if a written consent setting forth, with specificity, the action to be taken is signed by members who, in the aggregate, possess 75% percent of total membership votes.
This means that for all actions except the election of directors, Bonchon members can take action without a formal meeting if they obtain written consent from members holding at least 75% of the total membership votes. This allows for decisions to be made more efficiently without requiring all members to be physically present at a meeting.
At any meeting, no member shall speak longer than five minutes at any one time, except with the approval of a majority vote of the members present. The order of business at meetings of members shall be as follows: Attendance Record, Proof of Notice of Meeting or Waiver of Notice, Reading of Minutes of Preceding Meeting, Report of Board, Election of Board (where appropriate), Old Bonchon Business, New Bonchon Business, and Adjournment. This ensures that meetings are conducted in an orderly manner and that all members have an opportunity to participate.