Part 1Commonhold
Commonhold association
34 Constitution
(1)
A commonhold association is a private company limited by guarantee the memorandum of which—
(a)
states that an object of the company is to exercise the functions of a commonhold association in relation to specified commonhold land, and
(b)
specifies £1 as the amount required to be specified in pursuance of section 2(4) of the Companies Act 1985 (c. 6) (members’ guarantee).
(2)
Schedule 3 (which makes provision about the constitution of a commonhold association) shall have effect.