(1)When the scheme is terminated, the body corporate is dissolved.
(2)On dissolution of the body corporate—
(a)the owners of the lots immediately before the scheme was terminated (the former owners) become entitled to the body corporate assets in shares proportionate to the respective interest schedule lot entitlements of their lots immediately before the termination; and
(b)the liabilities of the body corporate are vested jointly and severally in the former owners, but they are entitled to contribution against one another in proportion to their respective interest schedule lot entitlements immediately before the termination.
(3)Body corporate assets (including freehold land and other body corporate assets registered or otherwise held in the name of the dissolved body corporate) may be dealt with by the former owners as if the assets were registered or otherwise held in the names of the former owners.
(4)Subsections (2) and (3) have effect subject to—
(a)if the scheme is terminated under a resolution of the body corporate—the resolution to terminate the scheme, and any agreement entered into about termination issues; or
(b)if the scheme is terminated under an order of the court—the order to terminate the scheme.
(5)On the application of an interested person, the District Court may make orders for the custody, management and distribution of body corporate assets.