A. In the event that all of the units in the condominium have been disposed of and that all periods for conversion or expansion have expired, the Common Interest Community Board shall issue an order terminating the registration of the condominium.
B. Notwithstanding any other provision of this chapter, the Common Interest Community Board may administratively terminate the registration of a condominium if:
1. The declarant has not filed an annual report in accordance with § 55.1-1979 for three or more consecutive years; or
2. The declarant’s registration with the State Corporation Commission, if applicable, has not been active for five or more consecutive years.