| Commentary

124.1 General

| Commentary

124 Termination statement

124.1 General

A termination statement is a document which, in the context of the voluntary winding up of a commonhold association, must state the proposals of the commonhold association for the transfer of the commonhold land after the units have vested in the association; it must also say how the assets of the commonhold association are to be dealt with1. The termination statement, having been passed by a resolution of the commonhold association, must be approved either by the liquidator or by the court2.

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