Canadian Payments Act

Marginal note:Quorum

24 At a meeting of members, for the purpose of appointing an auditor, considering a by-law establishing a penalty or considering an operating budget or capital budget, the members present or deemed by subsection 13(2) to be present, in person or by proxy, constitute a quorum if, together, they are required to contribute as dues under the by-laws in respect of the fiscal year in which the meeting takes place, more than fifty per cent of the aggregate amount so required to be contributed in respect of that year.