(2) If any meeting of the association cannot be organized because of a lack of a quorum, the owners who are present, either in person or by proxy, may adjourn the meeting from time to time until a quorum is present.
(3) Except as provided in 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 declaration or bylaws; or
(b) The number of persons who are entitled to cast 20 percent of the votes in the planned community.
(4) A 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 time the original meeting was called; or
(b) The meeting notice specifies:
(A) That 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. [1981 c.782 §41; 1999 c.677 §18; 2007 c.409 §11; 2009 c.641 §9; 2011 c.532 §4]