I haven't heard of “Equity Hour,” but in SPT, you need at least 30 minutes of the first rehearsal to be set aside for Equity Business. I believe there is something similar in TYA and LORT. Is this what you mean?
The Equity business usually includes electing the deputy, and voting on optional items such as reducing the meal break or span of day, and use of the 6-hour rehearsal block. The SM will usually explain each item that needs to be voted on, answer any questions, then distribute secret ballots (prepared in advance). Then the SM will tally the ballots and report the outcome. The SM also reads a letter from Equity about the role of the deputy, and after the election, the cast signs a form confirming the deputy election. The SM makes sure the form gets sent to Equity.