(2) If any meeting of the association of unit owners cannot be organized because of a lack of a quorum, the unit owners who are present, either in person or by proxy, may adjourn the meeting from time to time until a quorum is present.
(3) Subject to subsection (4) of this section, the quorum for a meeting following a meeting adjourned for lack of a quorum is the greater of:
(a) One-half of the quorum required in the bylaws; or
(b) The number of persons who are entitled to cast 20 percent of the votes in the association of unit owners.
(4) The quorum is not reduced under subsection (3) of this section unless:
(a) The meeting is adjourned to a date that is at least 48 hours from the date the original meeting was called; or
(b) The meeting notice specifies:
(A) The quorum requirement will be reduced if the meeting cannot be organized because of a lack of a quorum; and
(B) The reduced quorum requirement.
(5) For the purpose of establishing a quorum under this section, an individual who holds a proxy and an absentee ballot, if absentee ballots are permitted, counts as a present owner. [1999 c.677 §60; 2007 c.409 §26; 2009 c.641 §25; 2011 c.532 §10]
Note: See note under 100.407.