The correct way to resolve this issue is to look for some case law in your state if there is a case on point. You can also try to determine the shareholders intention by looking at record, ie, if you voted before. If given a reasonable interpretation, I would say the second one is right. Particularly if the number of shareholders is large, and you require everything passing on supermajority vote, you will get nothing done. It is also unrealistic to require all shareholders to be present every time. Normally, a quorum is required to ensure the vote is legitimate. Then when a simple majority of the quorum approves, the decision would pass.
Bottom line, it really depends on a lot of factors, intention, size, etc.
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