Section Sch1-4 — Companies Act 1993: Quorum

4 Quorum (1) Subject to subclause (3) of this clause, no business may be transacted at a meeting of shareholders if a quorum is not present. (2) Subject to the constitution of the company, a quorum for a meeting of shareholders is present if shareholders or their proxies are present or have cast postal votes who are between them able to exercise a majority of the votes to be cast on the business to be transacted by the meeting. (3) If a quorum is not present within 30 minutes after the time appointed for the meeting,— (a) In the case of a meeting called under section 121(b) of this Act, the meeting is dissolved: (b) In the case of any other meeting, the meeting is adjourned to the same day in the following week at the same time and place, or to such other date, time, and place as the directors may appoint, and, subject to the constitution of the company, if, at the adjourned meeting, a quorum is not present within 30 minutes after the time appointed for the meeting, the shareholders or their proxies present are a quorum.