The point ' M ' at which the line of action of the new buoyant force intersects the original vertical through the CG of the body, is called the meta-centre. It is a point about which a floating body starts oscillating when given a small angular displacement.
GM > 0 (Metacentre is above centre of Gravity)
Stable equilibrium
GM = 0 (Metacentre coinciding with centre of Gravity)