Commentary on the Sections: Part 1 Commonhold association Section 34: Constitution
85.Section 34(1) makes provision about the type of company as mentioned above, and goes on to say (subsection (1)(a)) that one of the objects of the company must be to carry out the functions proper to a commonhold association in relation to specified commonhold land and (subsection (1)(b)) that the guarantee required of each member shall be £1.  Subsection (2) brings Schedule 3 into effect.