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(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.
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