(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 thinks are most convenient for the majority of persons entitled to attend the meeting.

(5)

The convenor of the meeting, or a person nominated by the convenor, must, without delay, give written notice of the adjournment to the persons to whom notice of the meeting must be given under regulation 12.

(6)

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 (5), unless the Court declares otherwise on the application of the convenor of the meeting, or of a creditor.

(7) 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.