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A Consistory is a formal meeting of the College of Cardinals convoked and presided over by the Supreme Pontiff. It can be Ordinary or Extraordinary.
An Ordinary Consistory is when "(A)ll the cardinals, at least all those present in the city of Rome, are called together ... to be consulted on certain serious matters which nevertheless occur rather frequently, or to carry out certain very solemn acts" (CCC canon 353, §2).
An Extraordinary Consistory is when "(A)ll the cardinals are called together ... when the special needs of the Church or the conducting of more serious affairs suggests that it should be held" (CCC canon 353, §3).