Every person on a bicycle or motor assisted bicycle who is overtaken by a vehicle or equestrian travelling at a greater speed shall turn out to the right and allow the vehicle or equestrian to pass and the vehicle or equestrian overtaking shall turn out to the left so far as may be necessary to avoid a collision.

Section 148(1) establishes the principle that we drive on the right side of the highway when there is opposite direction traffic present ... every person in charge of a vehicle on a highway meeting another vehicle shall turn out to the right from the centre of the roadway, allowing the other vehicle one-half of the roadway free.

Section 148(2) establishes the principle that we drive on the right side of the highway when there is same direction traffic passsing us. It requires every driver (including cyclists) being overtaken ... to turn out to the right to allow the overtaking vehicle to pass.

Section 148(5), is a general law and applies to all drivers (including cyclists) when overtaking others. It requires every person in charge of a vehicle who is overtaking another vehicle to turn out to the left so far as may be necessary to avoid a collision, and then adds ... the person overtaken is not required to leave more than one half of the roadway free.

Section 148(6) is specific to cyclists being overtaken but since it is silent on leaving one half of the roadway free the rule for this is guided by Section 148(5).

(italics indicate direct quote from the HTA)