Management Fund and Special Fund. (a) The Management Fund collected by the Manager in the exercise of its powers and duties hereunder shall be held and deemed to be held by the Manager as trustee for and on behalf of all the Owners or the relevant Owners (as the case may be). (b) The Manager shall open and maintain an interest-bearing account and shall use that account exclusively in respect of the management of the Development. (c) Without prejudice to the generality of sub-clause (b), if there is an Owners’ Corporation, the Manager shall open and maintain one or more segregated interest-bearing accounts, each of which shall be designated as a trust account or client account, for holding money received by him from or on behalf of the Owners’ Corporation in respect of the management of the Development. (d) The Manager shall display a document showing evidence of any account opened and maintained under sub-clause (b) or (c) in a prominent place in the Development. (e) Subject to sub-clauses (f) and (g), the Manager shall without delay pay all money received by him in respect of the management of the Development into the account opened and maintained under sub-clause (b) or, if there is an Owners’ Corporation, the account or accounts opened and maintained under sub-clause (c). (f) Subject to sub-clause (g), the Manager may, out of money received by him in respect of the management of the Development, retain or pay into a current account a reasonable amount to cover expenditure of a minor nature, but that amount shall not exceed such figure as is determined from time to time by a resolution of the Owners' Committee (if any). (g) The retention of a reasonable amount of money under sub-clause (f) or the payment of that amount into a current account in accordance with that sub- clause and any other arrangement for dealing with money received by the Manager shall be subject to such conditions as may be approved by a resolution of the Owners' Committee (if any). (h) Any reference in this Clause (3:06:01) to an account is a reference to an account opened with a bank within the meaning of section 2 of the Banking Ordinance (Cap.155), the title of which refers to the management of the Development. (3:06:02) Where any consent is required from the Manager by any Owner pursuant to the terms of this Deed, such consent shall not be unreasonably withheld and the Manager shall not charge any fee other than a reasonable administrative fee for processing and issuing such consent and such fee for the granting of such consent shall be credited to the relevant account of the Special Fund held for the particular part of the Development of which the Unit of the Owner seeking the consent forms part. (3:06:03) Any person ceasing to be the Owner of any Undivided Share(s) shall in respect of the Undivided Share(s) of which he ceases to be the Owner thereupon cease to have any interest in the funds held by the Manager (including but not limited to any deposit and his contribution to the Special Fund payable under Clause (3:05:04) of this Deed) to the intent that all such funds shall be held and applied for the management of the Lot and the Development irrespective of changes in ownership of the Undivided Share(s) therein PROVIDED that any deposit(s) paid by any such Owners pursuant to Clause (3:05:04)(a) and (f) of this Deed or the balance thereof and still held by the Manager may be transferred into the name of the new Owner of such Undivided Share(s) upon the express written request of the outgoing Owner And PROVIDED THAT upon the Lot reverting to the Government and no renewal or regrant thereof being obtainable or upon the rights and obligations hereunder being extinguished any balance of the deposit(s) paid pursuant to Clause (3:05:04)(a) and (f) of this Deed, Special Fund and Management Fund, or in the case of extinguishment of rights and obligations as aforesaid, an appropriate part of the Special Fund and Management Fund, shall be divided proportionately between the relevant Owners of the Undivided Shares in accordance with the proportion of the Management Shares held by the relevant Owners immediately prior to such reversion or, in the case of extinguishment of rights and obligations as aforesaid, between the Owners whose rights and obligations are extinguished in the same proportion.
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Management Fund and Special Fund. (a) The Management Fund collected by the Manager in the exercise of its powers and duties hereunder shall be held and deemed to be held by the Manager as trustee for and on behalf of all the Owners or the relevant Owners (as the case may be).
(b) The Manager shall open and maintain an interest-bearing account and shall use that account exclusively in respect of the management of the DevelopmentEstate.
(c) Without prejudice to the generality of sub-clause (b), if there is an Owners’ Corporation, the Manager shall open and maintain one or more segregated interest-bearing accounts, each of which shall be designated as a trust account or client account, for holding money received by him from or on behalf of the Owners’ Corporation in respect of the management of the DevelopmentEstate.
(d) The Manager shall display a document showing evidence of any account opened and maintained under sub-clause (b) or (c) in a prominent place in the DevelopmentEstate.
(e) Subject to sub-clauses (f) and (g), the Manager shall without delay pay all money received by him in respect of the management of the Development Estate into the account opened and maintained under sub-clause (b) or, if there is an Owners’ Corporation, the account or accounts opened and maintained under sub-clause (c).
(f) Subject to sub-clause (g), the Manager may, out of money received by him in respect of the management of the DevelopmentEstate, retain or pay into a current account a reasonable amount to cover expenditure of a minor nature, but that amount shall not exceed such figure as is determined from time to time by a resolution of the Owners' Committee (if any).
(g) The retention of a reasonable amount of money under sub-clause (f) or the payment of that amount into a current account in accordance with that sub- clause and any other arrangement for dealing with money received by the Manager shall be subject to such conditions as may be approved by a resolution of the Owners' Committee (if any).
(h) Any reference in this Clause (3:06:01) to an account is a reference to an account opened with a bank within the meaning of section 2 of the Banking Ordinance (Cap.155), the title of which refers to the management of the DevelopmentEstate.
(3:06:02) Where any consent is required from the Manager by any Owner pursuant to the terms of this Deed, such consent shall not be unreasonably withheld and the Manager shall not charge any fee other than a reasonable administrative fee for processing and issuing such consent and such fee for the granting of such consent shall be credited to the relevant account of the Special Fund held for the particular part of the Development Estate of which the Unit of the Owner seeking the consent forms partpart Provided that any consent to be issued to the Owner of the Government Accommodation shall be provided free of charge.
(3:06:03) Any person ceasing to be the Owner of any Undivided Share(s) shall in respect of the Undivided Share(s) of which he ceases to be the Owner thereupon cease to have any interest in the funds held by the Manager (including but not limited to any deposit and his contribution to the Special Fund payable under Clause (3:05:04) of this Deed) to the intent that all such funds shall be held and applied for the management of the Lot and the Development Estate irrespective of changes in ownership of the Undivided Share(s) therein PROVIDED that any deposit(s) deposit paid by any such Owners pursuant to Clause (3:05:04)(a) and (f) of this Deed or the balance thereof and still held by the Manager may be transferred into the name of the new Owner of such Undivided Share(s) upon the express written request of the outgoing Owner And PROVIDED THAT upon the Lot reverting to the Government and no renewal or regrant thereof being obtainable or upon the rights and obligations hereunder being extinguished any balance of the deposit(s) paid pursuant to Clause (3:05:04)(a) and (f) of this Deeddeposit, Special Fund and Management Fund, or in the case of extinguishment of rights and obligations as aforesaid, an appropriate part of the Special Fund and Management Fund, shall be divided proportionately between the relevant Owners of the Undivided Shares in accordance with the proportion of the Management Shares held by the relevant Owners immediately prior to such reversion or, in the case of extinguishment of rights and obligations as aforesaid, between the Owners whose rights and obligations are extinguished in the same proportion.
Appears in 1 contract
Management Fund and Special Fund. (a) The Management Fund collected by the Manager in the exercise of its powers and duties hereunder shall be held and deemed to be held by the Manager as trustee for and on behalf of all the Owners or the relevant Owners (as the case may be).
(b) The Manager shall open and maintain an interest-interest bearing account and shall use that account exclusively in respect of the management of the Development.
(c) Without prejudice to the generality of sub-clause (b), if there is an Owners’ Corporation, the Manager shall open and maintain one or more segregated interest-bearing accounts, each of which shall be designated as a trust account or client account, for holding money received by him from or on behalf of the Owners’ Corporation in respect of the management of the Development.
(d) The Manager shall display a document showing evidence of any account opened and maintained under sub-clause (b) or (c) in a prominent place in the Development.
(e) Subject to sub-clauses (f) and (g), the Manager shall without delay pay all money received by him in respect of the management of the Development into the account opened and maintained under sub-clause (b) or, if there is an Owners’ Corporation, the account or accounts opened and maintained under sub-clause (c).
(f) Subject to sub-clause (g), the Manager may, out of money received by him in respect of the management of the Development, retain or pay into a current account a reasonable amount to cover expenditure of a minor nature, but that amount shall not exceed such figure as is determined from time to time by a resolution of the Owners' Committee (if any).
(g) The retention of a reasonable amount of money under sub-clause (f) or the payment of that amount into a current account in accordance with that sub- clause and any other arrangement for dealing with money received by the Manager shall be subject to such conditions as may be approved by a resolution of the Owners' Committee (if any).
(h) Any reference in this Clause (3:06:01) to an account is a reference to an account opened with a bank within the meaning of section 2 of the Banking Ordinance (Cap.155), the title of which refers to the management of the Development.
(3:06:02) Where any consent is required from the Manager by any Owner pursuant to the terms of this Deed, such consent shall not be unreasonably withheld or delayed and the Manager shall not charge any fee other than a reasonable administrative fee for processing and issuing such consent and such fee for the granting of such consent shall be credited to the relevant account of the Special Fund held for the particular part of the Development of which the Unit of the Owner seeking the consent forms part.
(3:06:03) Any person ceasing to be the Owner of any Undivided Share(s) shall in respect of the Undivided Share(s) of which he ceases to be the Owner thereupon cease to have any interest in the funds held by the Manager (including but not limited to any deposit and his contribution to the Special Fund payable under Clause (3:05:04) of this Deed) to the intent that all such funds fund shall be held and applied for the management of the Lot and the Development irrespective of changes in ownership of the Undivided Share(s) therein PROVIDED that any deposit(s) deposit paid by any such Owners pursuant to under Clause (3:05:04)(a3:05:04) and (f) of this Deed or the balance thereof and still held by the Manager may be transferred into the name of the new Owner of such Undivided Share(s) upon the express written request of the outgoing Owner And PROVIDED THAT upon the Lot reverting to the Government and no renewal or regrant thereof being obtainable or upon the rights and obligations hereunder being extinguished any balance of the deposit(s) paid pursuant to Clause (3:05:04)(a) and (f) of this Deeddeposit, Special Fund and Management Fund, or in the case of extinguishment of rights and obligations as aforesaid, an appropriate part of the Special Fund and Management Fund, shall be divided proportionately between the relevant Owners of the Undivided Shares in accordance with the proportion of the Management Shares held by the relevant Owners immediately prior to such reversion or, in the case of extinguishment of rights and obligations as aforesaid, between the Owners whose rights and obligations are extinguished in the same proportion.
Appears in 1 contract
Management Fund and Special Fund. (a) The Management Fund collected by the Manager in the exercise of its powers and duties hereunder shall be held and deemed to be held by the Manager as trustee for and on behalf of all the Owners or the relevant Owners (as the case may be).
(b) The Manager shall open and maintain an interest-interest bearing account and shall use that account exclusively in respect of the management of the Development.
(c) Without prejudice to the generality of sub-clause (b) of this Clause (3:06:01), if there is an Owners’ Corporation, the Manager shall open and maintain one or more segregated interest-bearing accounts, each of which shall be designated as a trust account or client account, for holding money received by him from or on behalf of the Owners’ Corporation in respect of the management of the Development.
(d) The Manager shall display a document showing evidence of any account opened and maintained under sub-clause (b) or (c) of this Clause (3:06:01) in a prominent place in the Development.
(e) Subject to sub-clauses (f) and (g) of this Clause (3:06:01), the Manager shall without delay pay all money received by him in respect of the management of the Development into the account opened and maintained under sub-clause (b) of this Clause (3:06:01) or, if there is an Owners’ Corporation, the account or accounts opened and maintained under sub-sub- clause (c) of this Clause (3:06:01).
(f) Subject to sub-clause (g) of this Clause (3:06:01), the Manager may, out of money received by him in respect of the management of the Development, retain or pay into a current account a reasonable amount to cover expenditure of a minor nature, but that amount shall not exceed such figure as is determined from time to time by a resolution of the Owners' Committee (if any).
(g) The retention of a reasonable amount of money under sub-clause (f) of this Clause (3:06:01) or the payment of that amount into a current account in accordance with that sub- sub-clause and any other arrangement for dealing with money received by the Manager shall be subject to such conditions as may be approved by a resolution of the Owners' Committee (if any).
(h) Any reference in this Clause (3:06:01) to an account is a reference to an account opened with a bank within the meaning of section 2 of the Banking Ordinance (Cap.155), the title of which refers to the management of the Development.
(3:06:02) Where any consent is required from the Manager by any Owner pursuant to the terms of this Deed, such consent shall not be unreasonably withheld and the Manager shall not charge any fee other than a reasonable administrative fee for processing and issuing such consent and such fee for the granting of such consent shall be credited to the relevant account of the Special Fund held for the particular part of the Development of which the Unit of the Owner seeking the consent forms part.
(3:06:03) Any person ceasing to be the Owner of any Undivided Share(s) shall in respect of the Undivided Share(s) of which he ceases to be the Owner thereupon cease to have any interest in the funds held by the Manager (including but not limited to any deposit and his contribution to the relevant accounts of the Special Fund payable under Clause (3:05:04) of this Deed) to the intent that all such funds shall be held and applied for the management of the Lot and the Development irrespective of changes in ownership of the Undivided Share(s) therein PROVIDED that any deposit(s) deposit paid by any such Owners pursuant to Clause (3:05:04)(a) and (f) of this Deed or the balance thereof and still held by the Manager may be transferred into the name of the new Owner of such Undivided Share(s) upon the express written request of the outgoing Owner And PROVIDED THAT upon the Lot reverting to the Government and no renewal or regrant thereof being obtainable or upon the rights and obligations hereunder being extinguished any balance of the deposit(s) paid pursuant to Clause (3:05:04)(a) and (f) of this Deeddeposit, Special Fund and Management Fund, or in the case of extinguishment of rights and obligations as aforesaid, an appropriate part of the Special Fund and Management Fund, shall be divided proportionately between the relevant Owners of the Undivided Shares in accordance with the proportion of the Management Shares held by the relevant Owners immediately prior to such reversion or, in the case of extinguishment of rights and obligations as aforesaid, between the Owners whose rights and obligations are extinguished in the same proportion.
Appears in 1 contract
Management Fund and Special Fund. (a) The Management Fund collected by the Manager in the exercise of its powers and duties hereunder shall be held and deemed to be held by the Manager as trustee for and on behalf of all the Owners or the relevant Owners (as the case may be).
(b) The Manager shall open and maintain an interest-interest bearing account and shall use that account exclusively in respect of the management of the Development.
(c) Without prejudice to the generality of sub-clause (b), if there is an Owners’ Corporation, the Manager shall open and maintain one or more segregated interest-bearing accounts, each of which shall be designated as a trust account or client account, for holding money received by him from or on behalf of the Owners’ Corporation in respect of the management of the Development.
(d) The Manager shall display a document showing evidence of any account opened and maintained under sub-clause (b) or (c) in a prominent place in the Development.
(e) Subject to sub-clauses (f) and (g), the Manager shall without delay pay all money received by him in respect of the management of the Development into the account opened and maintained under sub-clause (b) or, if there is an Owners’ Corporation, the account or accounts opened and maintained under sub-clause (c).
(f) Subject to sub-clause (g), the Manager may, out of money received by him in respect of the management of the Development, retain or pay into a current account a reasonable amount to cover expenditure of a minor nature, but that amount shall not exceed such figure as is determined from time to time by a resolution of the Owners' ’ Committee (if any).
(g) The retention of a reasonable amount of money under sub-clause (f) or the payment of that amount into a current account in accordance with that sub- clause and any other arrangement for dealing with money received by the Manager shall be subject to such conditions as may be approved by a resolution of the Owners' ’ Committee (if any).
(h) Any reference in this Clause (3:06:01) to an account is a reference to an account opened with a bank within the meaning of section 2 of the Banking Ordinance (Cap.155), the title of which refers to the management of the Development.
(3:06:02) Where any consent is required from the Manager by any Owner pursuant to the terms of this Deed, such consent shall not be unreasonably withheld and the Manager shall not charge any fee other than a reasonable administrative fee for processing and issuing such consent and such fee for the granting of such consent shall be credited to the relevant account of the Special Fund held for the particular part of the Development of which the Unit of the Owner seeking the consent forms part.
(3:06:03) Any person ceasing to be the Owner of any Undivided Share(s) shall in respect of the Undivided Share(s) of which he ceases to be the Owner thereupon cease to have any interest in the funds held by the Manager (including but not limited to any deposit and his contribution to the Special Fund payable under Clause (3:05:04) of this Deed) to the intent that all such funds fund shall be held and applied for the management of the Lot and the Development irrespective of changes in ownership of the Undivided Share(s) therein PROVIDED that THAT any deposit(s) deposit paid by any such Owners pursuant to Clause (3:05:04)(a) and (f) of this Deed or the balance thereof and still held by the Manager may be transferred into the name of the new Owner of such Undivided Share(s) upon the express written request of the outgoing Owner And AND PROVIDED THAT upon the Lot reverting to the Government and no renewal or regrant thereof being obtainable or upon the rights and obligations hereunder being extinguished any balance of the deposit(s) paid pursuant to Clause (3:05:04)(a) and (f) of this Deeddeposit, Special Fund and Management Fund, or in the case of extinguishment of rights and obligations as aforesaid, an appropriate part of the Special Fund and Management Fund, shall be divided proportionately between the relevant Owners of the Undivided Shares in accordance with the proportion of the Management Shares held by the relevant Owners immediately prior to such reversion or, in the case of extinguishment of rights and obligations as aforesaid, between the Owners whose rights and obligations are extinguished in the same proportion.
Appears in 1 contract
Management Fund and Special Fund. (a) The Management Fund collected by the Manager in the exercise of its powers and duties hereunder shall be held and deemed to be held by the Manager as trustee for and on behalf of all the Owners or the relevant Owners (as the case may be).
(b) The Manager shall open and maintain an interest-bearing account and shall use that account exclusively in respect of the management of the DevelopmentBuilding.
(c) Without prejudice to the generality of sub-clause (b), if there is an Owners’ a Corporation, the Manager shall open and maintain one or more segregated interest-bearing accounts, each of which shall be designated as a trust account or client account, for holding money received by him from or on behalf of the Owners’ Corporation in respect of the management of the DevelopmentBuilding.
(d) The Manager shall display a document showing evidence of any account opened and maintained under sub-clause (b) or (c) in a prominent place in the DevelopmentBuilding.
(e) Subject to sub-clauses (f) and (g), the Manager shall without delay pay all money received by him in respect of the management of the Development Building into the account opened and maintained under sub-clause (b) or, if there is an Owners’ a Corporation, the account or accounts opened and maintained under sub-sub- clause (c).
(f) Subject to sub-clause (g), the Manager may, out of money received by him in respect of the management of the DevelopmentBuilding, retain or pay into a current account a reasonable amount to cover expenditure of a minor nature, but that amount shall not exceed such figure as is determined from time to time by a resolution of the Owners' Committee (if any).
(g) The retention of a reasonable amount of money under sub-clause (f) or the payment of that amount into a current account in accordance with that sub- clause and any other arrangement for dealing with money received by the Manager shall be subject to such conditions as may be approved by a resolution of the Owners' Committee (if any).
(h) Any reference in this Clause (3:06:01) to an account is a reference to an account opened with a bank within the meaning of section 2 of the Banking Ordinance (Cap.155), the title of which refers to the management of the DevelopmentBuilding.
(3:06:02) Where any consent is required from the Manager by any Owner pursuant to the terms of this Deed, such consent shall not be unreasonably withheld and the Manager shall not charge any fee other than a reasonable administrative fee for processing and issuing such consent and such fee for the granting of such consent shall be credited to the relevant account of the Special Fund held for the particular part of the Development of which the Unit of the Owner seeking the consent forms partFund.
(3:06:03) Any person ceasing to be the Owner of any Undivided Share(s) shall in respect of the Undivided Share(s) of which he ceases to be the Owner thereupon cease to have any interest in the funds held by the Manager (including but not limited to any deposit and his contribution to the Special Fund payable under Clause (3:05:04) of this Deed) to the intent that all such funds shall be held and applied for the management of the Lot and the Development Building irrespective of changes in ownership of the Undivided Share(s) therein PROVIDED that any deposit(s) deposit paid by any such Owners pursuant to Clause (3:05:04)(a) and (f) of this Deed or the balance thereof which is transferable and still held by the Manager may be transferred into the name of the new Owner of such Undivided Share(s) upon the express written request of the outgoing Owner And PROVIDED THAT upon the Lot reverting to the Government and no renewal or regrant thereof being obtainable or upon the rights and obligations hereunder being extinguished any balance of the deposit(s) paid pursuant to Clause (3:05:04)(a) and (f) of this Deeddeposit, Special Fund and Management Fund, or in the case of extinguishment of rights and obligations as aforesaid, an appropriate part of each of the Special Fund and the Management Fund, shall be divided proportionately between the relevant Owners of the Undivided Shares in accordance with the proportion of the Management Shares held by the relevant Owners immediately prior to such reversion or, in the case of extinguishment of rights and obligations as aforesaid, between the Owners whose rights and obligations are extinguished in the same proportion.
Appears in 1 contract
Management Fund and Special Fund. (a) The Management Fund collected by the Manager in the exercise of its powers and duties hereunder shall be held and deemed to be held by the Manager as trustee for and on behalf of all the Owners or the relevant Owners (as the case may be).
(b) The Manager shall open and maintain an interest-bearing account and shall use that account exclusively in respect of the management of the Development.
(c) Without prejudice to the generality of sub-clause (b), if there is an Owners’ a Corporation, the Manager shall open and maintain one or more segregated interest-bearing accounts, each of which shall be designated as a trust account or client account, for holding money received by him from or on behalf of the Owners’ Corporation in respect of the management of the Development.
(d) The Manager shall display a document showing evidence of any account opened and maintained under sub-clause (b) or (c) in a prominent place in the Development.
(e) Subject to sub-clauses (f) and (g), the Manager shall without delay pay all money received by him in respect of the management of the Development into the account opened and maintained under sub-clause (b) or, if there is an Owners’ a Corporation, the account or accounts opened and maintained under sub-sub- clause (c).
(f) Subject to sub-clause (g), the Manager may, out of money received by him in respect of the management of the Development, retain or pay into a current account a reasonable amount to cover expenditure of a minor nature, but that amount shall not exceed such figure as is determined from time to time by a resolution of the Owners' Committee (if any).
(g) The retention of a reasonable amount of money under sub-clause (f) or the payment of that amount into a current account in accordance with that sub- clause and any other arrangement for dealing with money received by the Manager shall be subject to such conditions as may be approved by a resolution of the Owners' Committee (if any).
(h) Any reference in this Clause (3:06:01) to an account is a reference to an account opened with a bank within the meaning of section 2 of the Banking Ordinance (Cap.155), the title of which refers to the management of the Development.
(3:06:02) Where any consent is required from the Manager by any Owner pursuant to the terms of this Deed, such consent shall not be unreasonably withheld and the Manager shall not charge any fee other than a reasonable administrative fee for processing and issuing such consent and such fee for the granting of such consent shall be credited to the relevant account of the Special Fund held for the particular part of the Development of which the Unit of the Owner seeking the consent forms part.
(3:06:03) Any person ceasing to be the Owner of any Undivided Share(s) shall in respect of the Undivided Share(s) of which he ceases to be the Owner thereupon cease to have any interest in the funds held by the Manager (including but not limited to any deposit and his contribution to the relevant accounts of the Special Fund payable under Clause (3:05:04) of this Deed) to the intent that all such funds shall be held and applied for the management of the Lot and the Development irrespective of changes in ownership of the Undivided Share(s) therein PROVIDED that any deposit(s) deposit paid by any such Owners pursuant to Clause (3:05:04)(a) and (f) of this Deed or the balance thereof and still held by the Manager may be transferred into the name of the new Owner of such Undivided Share(s) upon the express written request of the outgoing Owner And PROVIDED THAT upon the Lot reverting to the Government and no renewal or regrant thereof being obtainable or upon the rights and obligations hereunder being extinguished any balance of the deposit(s) paid pursuant to Clause (3:05:04)(a) and (f) of this Deeddeposit, Special Fund and Management Fund, or in the case of extinguishment of rights and obligations as aforesaid, an appropriate part of the Special Fund and Management Fund, shall be divided proportionately between the relevant Owners of the Undivided Shares in accordance with the proportion of the Management Shares held by the relevant Owners immediately prior to such reversion or, in the case of extinguishment of rights and obligations as aforesaid, between the Owners whose rights and obligations are extinguished in the same proportion.
Appears in 1 contract
