Part 1Commonhold
Commonhold association
34 Constitution
F11
A commonhold association is a private company limited by guarantee—
a
the articles of which state that an object of the company is to exercise the functions of a commonhold association in relation to specified commonhold land, and
b
the statement of guarantee of which specifies £1 as the amount of the contribution required from each member in the event of the company being wound up.
2
Schedule 3 (which makes provision about the constitution of a commonhold association) shall have effect.