Legal Dictionary of Pakistan

majority rule

1 A political principle that a majority of a group has the power to make decisions that bind the group. ( It is governance by the majority of those who actually participate, regardless of the number entitled to participate. 2. Corporations. The commonlaw principle that a director or officer owes no fiduciary duty to a shareholder with respect to a stock transaction. ( This rule has been restricted by both federal insider-trading rules and state-law doctrine. Cf. SPECIAL-FACTS RULE.