A termination statement must specify—
the commonhold association's proposals for the transfer of the commonhold land following acquisition of the freehold estate in accordance with section 49(3), and
how the assets of the commonhold association will be distributed.
A commonhold community statement may make provision requiring any termination statement to make arrangements—
of a specified kind, or
determined in a specified manner,
about the rights of unit-holders in the event of all the land to which the statement relates ceasing to be commonhold land.
A termination statement must comply with a provision made by the commonhold community statement in reliance on subsection (2).
Subsection (3) may be disapplied by an order of the court—
generally,
in respect of specified matters, or
for a specified purpose.
An application for an order under subsection (4) may be made by any member of the commonhold association.