1. The principle that a majority of a group has the power to make decisions that bind the group; the principle that in the choice of alternatives, the one preferred by the greater number is selected. • It is governance by the majority of those who actually participate, regardless of the number entitled to participate.
2. The constitutional principle “that a majority of the people of a State … elect a majority of that State’s legislators,” from which it follows that each voter is entitled to a share of the franchise equal to that of each other voter. Reynolds v. Sims, 377 U.S. 533, 583–84, 84 S.Ct. 1362, 1393 (1964). See ONE-PERSON, ONE-VOTE RULE.
3. Corporations. The common-law 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.
