Louisiana Revised Statutes Tit. 9, § 1141.15. Termination of the planned community

A. A planned community may be terminated only by a two-thirds vote, or any greater percentage that the declaration specifies, and with any other approvals required by the declaration.

B. A termination agreement shall be prepared and executed on behalf of the association by an authorized officer or agent of the association and filed for registry in accordance with R.S. 9:1141.4(D). A termination agreement shall contain a certification that the minimum voting requirements have been met.

C. If a termination agreement provides for the transfer of ownership of all or a portion of the common areas and limited common areas, the association, on behalf of the lot owners, may contract for the transfer of ownership of common areas and limited common areas, but the contract is not binding on the lot owners until the termination agreement is approved and filed for registry pursuant to this Section. As long as the association owns the common areas and limited common areas, the lot owners and their successors continue to have the right to use and enjoy the areas in accordance with their intended purpose and remain liable for all assessments and other obligations imposed on lot owners by this Part or the declaration.

D. The existence of the association is not affected by the termination agreement. Until the common areas and limited common areas within the planned community are transferred following termination, ownership of the common areas and limited common areas remains with the association.

E. Following termination of the planned community, the proceeds from any transfers of ownership of common areas, limited common areas, and other property of the association shall be paid to the association for the benefit of the lot owners and holders of security rights in the property, as their interests may appear. Proceeds available to lot owners and holders of security rights in lots shall be distributed in accordance with R.S. 9:1141.6.