(1)If the body corporate lessee’s authorisation as a letting agent or engagement as service contractor ends, whether by termination or otherwise—
(a)the lease ends immediately; and
(b)if the lessee common property is no longer to be used for a purpose mentioned in section 40(2)(a), the body corporate must convert the lessee common property to a lot in the scheme.
(2)In incorporating a lot with common property under section 41(a), or in converting lessee common property to a lot under subsection (1)(b), the body corporate must ensure any necessary titling and subdivisional arrangements are carried out under the Land Title Act.