55.— (1) Where, following the holding of a tenant plebiscite, the conditions specified in section 51 (2) continue to be met, and subject to the conditions specified in subsection (2) being satisfied, the housing authority may designate the apartment complex (in this Part referred to as a “designated apartment complex”) in accordance with the section 53 proposal.

(2) The conditions referred to in subsection (1) are that—

(a) the number of votes in favour of the designation of the apartment complex equals or exceeds 65 per cent of the number of tenants entitled to vote at the plebiscite, and

(b) the number of voters who indicate at the plebiscite that, if designation proceeds and they purchase their apartments, they are willing to serve as directors of the management company equals or exceeds the greater of—

(i) the minimum number of tenants specified in column (2) of the Table to this subsection opposite the entry in column (1) of the class of apartment complex corresponding to the class of the apartment complex concerned, or

(ii) the number (rounded up to the nearest higher whole number) of tenants represented by the minimum proportion of all tenants specified in column (3) of the said Table opposite the said entry in column (1).

TABLE

(3) Where an apartment complex is designated under subsection (1), the designation lapses if no apartment is sold by the housing authority under this Part before the expiry of the initial selling period.

(4) The designation of an apartment complex is a reserved function.