Withdrawal from merged common interest community

(1) A common interest community that was merged or consolidated with another common interest community, or is party to an agreement to do so pursuant to section 38-33.3-221, may withdraw from the merged or consolidated common interest community or terminate the agreement to merge or consolidate, without the consent of the other common interest community or communities involved, if the common interest community wishing to withdraw meets all of the following criteria: (a) It is a separate, platted subdivision; (b) Its unit owners are required to pay into two common interest communities or separate unit owners' associations; (c) It is or has been a self-operating common interest community or association continuously for at least twenty-five years; (d) The total number of unit owners comprising it is fifteen percent or less of the total number of unit owners in the merged or consolidated common interest community or association; (e) Its unit owners have approved the withdrawal by a majority vote and the owners of units representing at least seventy-five percent of the allocated interests in the common interest community wishing to withdraw participated in the vote; and (f) Its withdrawal would not substantially impair the ability of the remainder of the merged common interest community or association to: (I) Enforce existing covenants; (II) Maintain existing facilities; or (III) Continue to exist. (2) If an association has met the requirements set forth in subsection (1) of this section, it shall be considered withdrawn as of the date of the election at which its unit owners voted to withdraw.