# The Financial Services Act 1986 (Single Property Schemes) (Exemption) Regulations 1989, Regulation 25: Quorum


The terms of a scheme must provide that–
(a) the quorum at any meeting of participants (whether or not an adjourned meeting) must be two persons entitled to vote upon the business to be transacted each being a participant or a proxy for a participant or a duly authorised representative of a body corporate which is a participant;
(b) it must not be possible for any business to be transacted at any meeting unless the requisite quorum is present at the commencement of business;
(c) if within half an hour from the time appointed for the meeting a quorum is not present, the meeting must stand adjourned to such day and time not being less than three weeks thereafter and to such place as may be appointed by the chairman; and
(d) notice of any adjourned meeting of participants must be given in the same manner as for an original meeting.

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Source: https://www.legislation.gov.uk/uksi/1989/28/regulation/25 (the official version)
Page: https://openlegislation.uk/financial-services-act-1986-single-property-schemes-exemption-regulations-1989/regulation-25
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.