(1) Sale of the property or any part of the common property may be authorised—
(a) by a vote of owners who own 80% or such greater percentage as is specified in the declaration of the common property; and
(b) by the consent of the person having claims against the property or the part of the common property as the case may be, created after the registration of the declaration and of which the body corporate has notice.
(2) A deed or transfer shall be executed by all the owners and a release or discharge shall be given by all the persons having claims against the property or the part of the common property, as the case may be, created after the registration of the declaration and of which the body corporate has notice.
(3) Upon the registration of the instruments mentioned in subsection (2)—
(a) the application of this Act to the property or the part of the common property is terminated;
(b) claims against the land and interests appurtenant to the land created before the registration of the declaration are as effective as if the declaration had not been registered; and
(c) claims against the property or the part of the common property created after the registration of the declaration are extinguished.
(4) Subject to subsection (5), the unit owners share the proceeds of the sale in the same proportion as their unit entitlement.
(5) Where a sale is made under this section any unit owner who dissented may elect to have the fair market value of the property at the time of the sale determined by arbitration under the Arbitration Act by serving notice to that effect on the body corporate within 10 days after the vote and the owner who served the notice is entitled to receive from the proceeds of the sale the amount he or she would have received if the sale price had been the fair market value as determined by the arbitration.
(6) Where the proceeds of the sale are inadequate to pay the amount determined under subsection (5), each unit owner who voted for the sale is liable for a proportion of the deficiency determined by the proportion of his or her unit entitlement.