What is required for the board to officially take action on a matter?

For a board to officially take action on a matter, it is required that a majority of its members be present and that those present participate in a voting process. This principle ensures that decisions made reflect the will of the majority, thus maintaining democratic governance within the group.

Having a majority presence is essential because it helps to ensure that decisions are made with sufficient representation, thereby diminishing the likelihood of actions being taken based solely on the views of a minority. Moreover, the process of voting provides a clear and formal method for the board to express its agreement or disagreement on issues, which could be critical for transparency and accountability.

The other options fail to establish a robust framework for decision-making: requiring a consensus from all members could lead to paralysis if any member dissents, approval from external advisors may divert the board's independence, and relying solely on the chair's signature undermines collective decision-making and accountability. Thus, the requirement for majority presence and voting is both a practical and equitable approach to governance within a board.