(1)

Subject to subregulation (3), a meeting must not act for any purpose except:

(a)

the election of a chairperson; and

(b)

the proving of debts; and

(c)

the adjournment of the meeting;

unless a quorum is present.

(2)

A quorum consists of:

(a)

if the number of persons entitled to vote exceeds 2 — at least 2 of those persons; or

(b)

if only one person is, or 2 persons are, entitled to vote — that person or those persons;

present in person or by proxy or attorney.

(3)

A meeting is sufficiently constituted if only one person is present in person at the meeting if the person represents personally or by proxy or otherwise a number of persons sufficient to constitute a quorum.

(4)

If within 30 minutes after the time appointed for a meeting:

(a)

a quorum is not present; or

(b)

the meeting is not otherwise sufficiently constituted;

the meeting is adjourned:

(c)

to the same day in the next week at the same time and place; or

(d)

to the day (not being less than 7 or more than 21 days after the day on which the meeting is adjourned) and at the time and place that the chairperson appoints.

(5)

A meeting convened under section 439A of the Act must not be adjourned to a day that is more than 60 days after the first day on which the meeting was held.

(6)

The convenor of the meeting, or a person nominated by the convenor, must immediately give notice of the adjournment to the persons to whom notice of the meeting must be given under regulation 5.6.12.

(7)

A meeting on the date and at the place to which the meeting is adjourned is not to be taken to be incompetent to act only because of a failure to comply with subregulation (6) unless the Court, on the application of the convenor of the meeting, or of a creditor or contributory, otherwise declares.

(8)

If within 30 minutes after the time appointed for the adjourned meeting:

(a)

a quorum is not present; or

(b)

the meeting is not otherwise sufficiently constituted;

the adjourned meeting lapses.