SharePoint 2013: PowerShell to update a term sets Submission Policy

The following PowerShell can be used to update a terms sets submission policy to open or closed.

#Connect to Central Admin
$Session = new-object Microsoft.SharePoint.Taxonomy.TaxonomySession(“Central Admin URL”)

#Connect to Managed Metadata Service
$Store = $Session.TermStores[“Managed Metadata Service Name”]
#Get the group
$Group = $Store.Groups[“Group Name”];
#Get the Term Set
$TermSet = $Group.TermSets[“Term Set Name”];
#Update the Is Open property
$TermSet.IsOpenForTermCreation = $true;

#Commit changes
$Store.CommitAll();