[(1) In this section “authorised contract” means a contract which the operator of a co-ownership scheme is authorised to enter into on behalf of the relevant participants for the purposes of, or in connection with, the acquisition, management or disposal of property subject to the scheme (but does not include a contract by which a person becomes a participant in the scheme).
(2) The relevant participants are—
(a) in the case of a contract relating to a stand-alone co-ownership scheme, the participants in the scheme;
(b) in the case of a contract relating to an umbrella co-ownership scheme, the participants
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