54(1)The governance of a condominium property by this Act may be terminated when it is authorized
(a)
by a vote of the owners of 100% of the common elements, and
(b)
the consent of all non-owners having registered encumbrances against the condominium property created after the registration of the declaration and description.
54(2)If termination is authorized, the corporation shall submit the following documents to the Director for approval:
(a)
a notice of termination in the prescribed form executed by,
(i)
all the owners, and
(ii)
all the non-owners having registered encumbrances against the condominium property created after the registration of the declaration and description; and
(b)
a certificate of registered ownership showing the persons signing the notice to be all of the owners and persons having registered encumbrances.
54(3)If a corporation meets the requirements of this section, the Director shall approve the notice of termination for registration.
54(1)The governance of a condominium property by this Act may be terminated when it is authorized
(a)
by a vote of the owners of 100% of the common elements, and
(b)
the consent of all non-owners having registered encumbrances against the condominium property created after the registration of the declaration and description.
54(2)If termination is authorized, the corporation shall submit the following documents to the Director for approval:
(a)
a notice of termination in the prescribed form executed by,
(i)
all the owners, and
(ii)
all the non-owners having registered encumbrances against the condominium property created after the registration of the declaration and description; and
(b)
a certificate of registered ownership showing the persons signing the notice to be all of the owners and persons having registered encumbrances.
54(3)If a corporation meets the requirements of this section, the Director shall approve the notice of termination for registration.