Common use of Common Parts Shares held by Manager Clause in Contracts

Common Parts Shares held by Manager. (a) Notwithstanding anything in this Deed, the Common Parts Shares shall not carry any liability to contribute to the Management Expenses, or make any payment under this Deed, and the Common Parts Shares shall not carry any voting rights (at any meeting whether held under this Deed, the Ordinance or otherwise) or be taken into account in calculating the quorum at any meeting. (b) The Manager shall: (i) hold all Common Parts Shares and Common Parts assigned to it as trustee for all Owners, subject to the Land Grant and this Deed; and (ii) assign the Common Parts Shares and the Common Parts free of costs and consideration to the successor of the Manager upon termination of its appointment as Manager. (c) The Owners’ Corporation (when formed) may require the Manager to assign or transfer to it the Common Parts Shares and the Common Parts and the management responsibilities free of costs and consideration. The Common Parts Shares and the Common Parts assigned to the Owners’ Corporation under this Deed shall be held by the Owners’ Corporation in trust as provided in Clause 14.2(b), subject to the Land Grant and this Deed.

Common Parts Shares held by Manager. (a) Notwithstanding anything in this Deed, the Common Parts Shares shall not carry any liability to contribute to the Management Expenses, or make any payment under this Deed, and the Common Parts Shares shall not carry any voting rights (at any meeting whether held under this Deed, the Ordinance or otherwise) or be taken into account in calculating the quorum at any meeting. (b) The Manager shall: (i) hold all Common Parts Shares and Common Parts assigned to it as trustee on trust for the benefit of all Owners, subject to the Land Grant and this Deed; and (ii) assign the Common Parts Shares and the Common Parts free of costs and consideration to the successor of the Manager upon termination of its appointment as Manager. (c) The Owners’ Corporation (when formed) may at any time require the Manager Manager, in accordance with this Deed, to assign or transfer to it the Common Parts Shares and the Common Parts and the management responsibilities free of costs and consideration. The Common Parts Shares and the Common Parts assigned to the Owners’ Corporation under this Deed shall be held by the Owners’ Corporation in trust as provided in Clause 14.2(b)trustee for all Owners, subject to the Land Grant and this Deed.

Common Parts Shares held by Manager. (a) Notwithstanding anything in this Deed, the Common Parts Shares shall not carry any liability to contribute to the Management Expenses, or make voting rights at any payment meeting whether under this Deed, and the Common Parts Ordinance or otherwise or liability to pay any fees or charges under this Deed. Such Shares shall not carry any voting rights (at be taken into account for the purpose of calculating the quorum of any meeting whether held under this Deed, the Ordinance or otherwise) or be taken into account in calculating the quorum at any meeting. (b) The Manager shall: (i) hold all Common Parts Shares and Common Parts assigned to it as trustee on trust for the benefit of all Owners, subject to the Land Grant and this Deed; and (ii) assign the Common Parts Shares and the Common Parts free of costs and consideration to the successor of the Manager upon termination of its appointment as Manager. (c) The Owners’ Corporation (when formed) may at any time require the Manager Manager, in accordance with this Deed, to assign or transfer to it the Common Parts Shares and the Common Parts and the management responsibilities free of costs and consideration. The Common Parts Shares and the Common Parts assigned to the Owners’ Corporation under this Deed shall be held by the Owners’ Corporation in trust as provided in Clause 14.2(b)trustee for all Owners, subject to the Land Grant and this Deed.

Common Parts Shares held by Manager. (a) Notwithstanding anything in this Deed, the Common Parts Shares shall not carry any liability to contribute to the Management Expenses, or make any payment under this Deed, and the Common Parts Shares shall not carry any voting rights (at any meeting whether held under this Deed, the Ordinance or otherwise) otherwise or be taken into account in calculating the quorum at any meeting. (b) The Manager shall: (i) hold all Common Parts Shares and Common Parts assigned to it as trustee for all Owners, subject to the Land Grant and this Deed; and (ii) assign the Common Parts Shares and the Common Parts free of costs and consideration to the successor of the Manager upon termination of its appointment as Manager. (c) The Owners’ Corporation (when formed) may require the Manager to assign or transfer to it the Common Parts Shares and the Common Parts and the management responsibilities free of costs and consideration. The Common Parts Shares and the Common Parts assigned to the Owners’ Corporation under this Deed shall be held by the Owners’ Corporation in trust as provided in Clause 14.2(b), subject to the Land Grant and this Deed.

Common Parts Shares held by Manager. (a) Notwithstanding anything in this Deed, the Common Parts Shares shall not carry any liability to contribute to the Management Expenses, or make any payment under this Deed, and the Common Parts Shares shall not carry any voting rights (at any meeting whether held under this Deed, the Ordinance or otherwise) or be taken into account in calculating the quorum at any meeting. (b) The Manager shall: (i) hold all Common Parts Shares and Common Parts assigned to it as trustee for all Owners, subject to the Land Grant and this Deed; and (ii) assign the Common Parts Shares and the Common Parts free of costs and consideration to the successor of the Manager upon termination of its appointment as Manager. (c) The Owners’ Corporation (when formed) may require the Manager to assign or transfer to it the Common Parts Shares and the Common Parts and the management responsibilities free of costs and consideration. The Common Parts Shares and the Common Parts assigned to the Owners’ Corporation under this Deed shall be held by the Owners’ Corporation as trustee for all Owners in trust as provided in Clause 14.2(b)trust, subject to the Land Grant and this Deed.

Common Parts Shares held by Manager. (a) Notwithstanding anything in this Deed, the Common Parts Shares shall not carry any liability to contribute to the Management Expenses, or make any payment under this Deed, and the Common Parts Shares shall not carry any voting rights (at any meeting whether held under this Deed, the Ordinance or otherwise) or be taken into account in calculating the quorum at any meeting. (b) The Manager shall: (i) hold all Common Parts Shares and Common Parts assigned to it as trustee for all Owners, subject to the Land Grant and this Deed; and (ii) assign the Common Parts Shares and the Common Parts free of costs and consideration to the successor of the Manager upon termination of its appointment as Manager. (c) The Owners’ Corporation (when formed) may require the Manager to assign or transfer to it the Common Parts Shares and the Common Parts and the management responsibilities free of costs and consideration. The Common Parts Shares and the Common Parts assigned to the Owners’ Corporation under this Deed shall be held by the Owners’ Corporation in trust for all Owners as provided in Clause 14.2(b14.3(b), subject to the Land Grant and this Deed.

Common Parts Shares held by Manager. (a) Notwithstanding anything in this Deed, the Common Parts Shares shall not carry any liability to contribute to the Management Expenses, or make any payment under this Deed, and the Common Parts Shares shall not carry any voting rights (at any meeting whether held under this Deed, the Ordinance or otherwise) or be taken into account in calculating the quorum at any meeting. (b) The Manager shall: (i) hold all Common Parts Shares and Common Parts assigned to it as trustee on trust for the benefit of all Owners, subject to the Land Grant and this Deed; and (ii) assign the Common Parts Shares and the Common Parts free of costs and consideration to the successor of the Manager upon termination of its appointment as Manager. (c) The Owners’ Corporation (when formed) may at any time require the Manager Manager, in accordance with this Deed, to assign or transfer to it the Common Parts Shares and the Common Parts and the management responsibilities free of costs and consideration. The Common Parts Shares and the Common Parts assigned to the Owners’ Corporation under this Deed shall be held by the Owners’ Corporation in on trust as provided in Clause 14.2(b)for the benefit of all Owners, subject to the Land Grant and this Deed.