Duties of the Managing Agent Sample Clauses

Duties of the Managing Agent. The Managing Agent shall:
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Duties of the Managing Agent. A. ADMINISTRATION  To open and operate a bank account in the name of the Body Corporate to meet the commitments of the Body Corporate. Should such bank account already exist, the Trustees grant the Managing Agent full access to such bank account. This includes managing any investments of the Body Corporate.  To compile and dispatch statements to each owner, on a monthly basis, displaying all current transactions.  To collect and receipt all levies and other amounts and income due to the Body Corporate.  To verify and pay rates, taxes, charges and any other expenditure whatsoever which may from time to time be payable by or chargeable to the Body Corporate as per the Expenditure Budget Estimation. All other payments will first be referred to the Trustees of the Body Corporate, for approval.  To pay all salaries and wages and all statutory deductions thereon, including PAYE, UIF and Workmen’s Compensation on the dates and in the manner instructed by the Trustees of the Body Corporate and prescribed by Law. The Managing Agent is not responsible for keeping records of employees leave.  To keep a list of Trustees, owners and tenants as well as primary and utility sections, participation quotas and registered bondholders in terms of the Act.  To compile and distribute, to all Trustees of the Body Corporate on a monthly basis, a management report which will include an income and expenditure statement (detailing actual versus budgeted figures), a balance sheet, a cash flow statement and any supplementary schedules which the Trustees may require, ie. a monthly arrears report.  To keep full and proper books of account and records in accordance with standard accounting principles showing clearly all revenue, expenditure, transactions and proceedings relating to the Body Corporate.  To make and sign applications to the appropriate government department/s and/or local authority/ies for all and any licenses, permissions and consents required by any Act, Regulation or By-Law in connection with the management of the Scheme.  To dispatch to the owners the Management rule 25 (1) notice and 25 (2) final notice.  To demand and recover from all past and present owners of sections, all levies and other sums payable by them, and to take all necessary steps, whether by legal action or otherwise, in which case they may instruct attorneys of their choice to institute legal proceedings, agree fees with such attorneys and furnish all instructions to the attorneys, to recov...
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Related to Duties of the Managing Agent

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  • DUTIES OF CALCULATION AGENT The Calculation Agent shall perform the duties expressed to be performed by it in the Conditions in respect of each Series of Notes in respect of which it is appointed as Calculation Agent. As soon as practicable after the relevant time on each Interest Determination Date or such time on such date as the Conditions may require to be calculated any rate or amount, any quotation to be obtained or any determination or calculation to be made by the Calculation Agent, the Calculation Agent shall determine such rate and calculate the Interest Amounts in respect of each denomination of the Notes for the relevant Interest Accrual Period, Interest Period or Interest Payment Date, calculate the Redemption Amount or Instalment Amount, obtain such quotation and/or make such determination or calculation, as the case may be, and cause the Rate of Interest and the Interest Amounts for each Interest Accrual Period, Interest Period or Interest Payment Date and, if required, the relevant Interest Payment Date and, if required to be calculated, any Redemption Amount or Instalment Amount to be notified to any other Calculation Agent appointed in respect of the Notes that is to make a further calculation upon receipt of such information, the Issuing and Principal Paying Agent, the Issuer, each of the Paying Agents, the relevant Noteholders and, if the relevant Notes are to be listed on a stock exchange and the rules of such exchange so require, such exchange as soon as possible after their determination but in no event later than (i) the commencement of the relevant Interest Period, if determined prior to such time, in the case of notification to such exchange of an Rate of Interest and Interest Amount, or (ii) in all other cases, the fourth Business Day after such determination. If the Calculation Agent at any material time does not make any determination or calculation or take any action that it is required to do pursuant to the Conditions, it shall forthwith notify the Issuer, the Guarantor, the Trustee and the Issuing and Principal Paying Agent.

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  • Duties of Agent The Agent shall:

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