(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 transfered 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 appurtain to each apartment owner shall be the percentage of undivided interest previously owned by such owner in the common areas and facilities.
16. The withdrawal provided for in section 15 shall in no way bar the subsequent submission of the property to the provisions of this chapter.
Withdrawal from the provision of this chapter.
Withdrawal is no bar to subsequent submission of property to Chapter-III.
12 [Act No. 29 of 1987]
17. All instruments relating to the Declaration or any amendment thereto referred to in section 14 or the withdrawal of a property from the provisions of this chapter referred to in section 15 shall be deemed to be instruments compulsorily registerable within the meaning of clause (b) of sub-section (1) of Section 17 of the Registration Act, 1908.