TA Act 15

Section 15 · Withdrawal from the provision of this chapter

(1)

All the apartment owners acting together may withdraw a property from the provisions of this Chapter by an instrument to that effect duly executed.Provided that the holders of all charges and other encumbrances, affecting any of the apartments, consent thereto and agree, by instruments duly executed, that their charges or encumbrances be transferred to the percentage of undivided interest of the apartment owner in the property as hereinafter provided.

(2)

Upon withdrawal of the property from the provisions of this chapter, the property shall be deemed to be owned in common by the apartment owners and the undivided interest in the property owned in common which shall appertain to each apartment owner shall be the percentage of undivided interest previously owned by such owner in the common areas and facilities.

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