[F1(1)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.
Textual Amendments
F1S. 34(1) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), Sch. 1 para. 194(7) (with art. 10)