If an object is not deallocated or removed explicitly by code like the code above it will be removed automatically when the system determines that it is out of scope. This means that there are no longer any references to the object. This is necessary in order to return the memory to the system. If the object created an array, it would have to be Erased in the Class Terminate event of the class module. This would insure that all the memory was returned to the heap for reuse.
Forms are also a form of class modules.
The difference between a form and a class module is that a form has a visible interface. We can display a user interface on a form. Knowing this, we can use forms to do some very special things. There is also a built in collection for the form's controls. These controls give Visual Basic fast, powerful and easy to use functions.