(1) The application of this Act to a property may be terminated by an order of the Court where, on the application of any interested party, the Court is satisfied that—
(a) unit owners have so resolved by a resolution passed by 90%, or more in number of the unit owners and that all mortgagees of the units have by registered instrument either consented thereto or agreed that their several mortgages be transferred to the percentage of the undivided interest of the several unit owners in the property as hereinafter provided;
(b) the building has been destroyed or damaged and is not to be reconstructed or repaired under section 26; or
(c) circumstances have arisen that having regard to the rights and interests of the unit owners as a whole it is just and equitable to terminate the application of this Act to the property.
(2) For the purposes of this section an interested party shall be deemed to be the body corporate, a unit owner or a mortgagee of a unit.
(3) Upon making an order by the Court under this section, the property to which the order relates is deemed to be owned in common by all the unit owners and such undivided share in the property shall accrue to each unit owner in the same proportion as his or her former unit entitlement.
(4) Where an order has been made under subsection (1), a majority in number of the unit owners in the propety may apply to the Court either—
(a) to apportion so much of the property as remains among the unit owners in proportion to their former unit entitlement and to direct the body corporate to effect the necessary transfers of title; or
(b) to order that so much of the property as remains shall be sold and that the net proceeds of the sale together with the proceeds (if any) of insurance policies shall constitute one fund to be divided among all the unit owners in proportion to their respective unit entitlements,
and the Court may, if it considers it just and equitable to do so, proceed accordingly and make such orders and give such direction in respect thereof as the Court thinks fit.
(5) Where an order has been made under subsection (1) the Court may appoint a liquidator and give directions for the winding-up of the affairs of any body corporate which has been constituted under this Act as if it were a company being wound up by a Court under the Commercial Code.
(6) In any such winding-up no unit owner is liable to contribute to the assets of the body corporate a sum exceeding $100.
(7) By a subsquent order the Court may declare the body corporate to be dissolved as from a date to be specified in the order.
(8) In any proceedings under this section the Court may make such order for the payment of costs as it thinks fit.