Cathay Merchant Group, Inc. Amends Bylaw to Reduce Quorum Requirement.HONG KONG Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. -- Cathay Merchant Group, Inc. (AMEX AMEX See: American Stock Exchange : CMQ CMQ Collège des Médecins du Québec CMQ Conseil Médical du Québec CMQ Centimetri Quadrati (Italian: Square Centimetres) CMQ Club de Minéralogie de Québec (Canada) CMQ Continuous Monitoring Query CMQ Canonical Meta Query ) (the "Company") - On May 22, 2007, the Board of Directors of the Company amended its bylaws The rules and regulations enacted by an association or a corporation to provide a framework for its operation and management. Bylaws may specify the qualifications, rights, and liabilities of membership, and the powers, duties, and grounds for the dissolution of an to reduce the Company's quorum requirement, which requirement is necessary to constitute a valid and duly called meeting of its shareholders. Following the amendment, the Company's quorum requirement was reduced from shareholders holding at least 50% of the issued and outstanding shares to shareholders holding at least 33.3% of the issued and outstanding shares. The Board of Directors approved the reduction because it had found it exceedingly difficult to satisfy its former quorum requirement. As the 2007 annual general meeting was adjourned because the Company did not obtain the requisite quorum, the Company hopes that the reduction will enable the Company to hold future shareholder meetings without delay. |
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