(1) A person who at any time becomes a participant in a relevant scheme acquires the rights and becomes subject to the liabilities to which the other participants in the relevant scheme are entitled or subject at that time under, or in connection with, authorised contracts.
(2) A person who ceases to be a participant in a relevant scheme ceases to have any of the rights and to be subject to any of the liabilities to which a participant in the relevant scheme is entitled or subject under, or in connection with, authorised contracts.
(3) In this section -
(a) "authorised contract" has the meaning given in section 261M(1); and
(b) each of the following is a "relevant scheme" -
(i) a stand-alone co-ownership scheme; and
(ii) a sub-scheme of an umbrella co-ownership scheme.