Yes. It is correct.

1/ the first {if $Number} at the top of the whole group controls the usage for posts vs private topics.

[...code...]

2/ the second {if $postrow[post].notifylink} controls the access to the notify code.

[...code...]

2/ the second one gets closed with the {/if}
1/ and finally, the first one gets closed with the other {/if}


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