Common use of Management Funds Clause in Contracts

Management Funds. (a) The Manager shall be deemed to be trustee for and on behalf of the Owners in respect of the Management Funds irrespective of changes in ownership of the Undivided Shares. (b) Any person ceasing to be the Owner of any Undivided Shares shall, in respect of the Undivided Shares of which he ceases to be the Owner thereupon, cease to have any interest in the Management Funds including but not limited to the deposit paid under Clauses 4.12(b), (c) and (e) respectively to the intent that all such funds shall be held and applied for the management of the Development irrespective of changes in ownership of the Undivided Shares in the Development. (c) On transfer of ownership, the deposits paid by any Owner under Clauses 4.12(b) and (e) and still held by the Manager may be transferred into the name of the new owner acquiring from such Owner of such Undivided Shares (“the New Owner”). In the event that any deposit or sums paid by such Owner has been partially or entirely applied by the Manager towards payment of outstanding fees or monies owing by such Owner, the New Owner shall be liable to pay for the difference between (i) the amount of the deposit (if any) still held by the Manager and (ii) the amount of deposit due under Clauses 4.12(b) and (e) hereof as determined by the Manager. (d) On the expiration or determination of any term of service of the Manager, the Manager shall after settlement of all outstanding Management Expenses (if any) transfer the balance of the Management Funds to the new manager or the Owners’ Committee and upon the Land reverting to the Government and no renewal of the Conditions or further Conditions being obtainable or upon the rights and obligations hereunder being extinguished as provided in Section VIII of this Deed, any balance of the Management Funds or in the case of extinguishment of rights and obligations as aforesaid any appropriate part of such funds shall be divided proportionately between the Owners of the Undivided Shares 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 proportion to their Management Shares.

Management Funds. Manager to keep proper account (1) (a) The All monies collected by the Manager (who shall be deemed to be a trustee for and on behalf of the Owners in respect of all monies and deposits received on their behalf) in the Management Funds irrespective exercise of changes in ownership its powers and duties hereunder (save and except that the Manager may retain or pay into a current account a reasonable amount to cover expenditure of a minor nature as is from time to time determined by a resolution of the Undivided SharesOwners' Committee (if any) and also subject to such conditions as may be approved by a resolution of the Owners' Committee) shall without delay be paid into (i) an interest-bearing bank account or accounts of the Manager (such bank account(s) shall be opened and maintained with a bank within the meaning of Section 2 of the Banking Ordinance and the title of which refers to the management of the Development); or (ii) if there is an Owners’ Incorporation, the account or accounts opened and maintained under Clause (1)(b) below. The Manager shall use that account(s) exclusively for the management of the Development and keep true and proper accounts of all such monies and the expenditure thereof and shall produce a detailed summary of such accounts each month and shall after the close of every financial year produce an annual set of accounts as soon as the accounts are certified by the auditors hereinafter referred to as providing an accurate summary of all items of income and expenditure during the preceding year. The Manager shall keep all bills, invoices, vouchers, receipts and other documents referred to in the accounts for at least 6 years. (b) Without prejudice to the generality of Clause (1)(a) above, if there is an Owners’ Incorporation, the Manager shall open and maintain one or more segregated interest-bearing accounts (such account(s) shall be opened and maintained with a bank within the meaning of Section 2 of the Building Ordinance, the title of which refers to the management of the Development), 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’ Incorporation in respect of the management of the Development. (c) The Manager shall display a document showing evidence of any account opened and maintained under Clause (1)(a) or (1)(b) above in a prominent place in the Development. Compensation, etc recovered by Manager (2) Where any compensation, damages, costs and expenses are received or recovered (as the case may be) by the Manager in any proceedings against any Owner for the purpose of enforcing the observance and performance of the covenants, conditions, or provisions of this Deed, the same shall, after deduction of any costs or expenses incurred by the Manager in recovering the same, be credited into the management account for the benefit of all the Owners of the Units and held as part of the Management Funds and be applied towards the Management Expenses as the Manager may from time to time decide. (a) permit any Owner, at any reasonable time, to inspect the audited income and expenditure account and balance sheet and the report made by the accountant or auditor in respect of the income and expenditure account and the balance sheet; and (b) on the payment of a reasonable copying charges, supply any Owner with a copy of the audited income and expenditure account and balance sheet, or the report made by the accountant or auditor in respect of the income and expenditure account and the balance sheet, or both, as requested by the Owner. Owner’s Interest in Management Funds (4) Any person ceasing to be the an Owner of any Undivided Shares shall, shall in respect of the Undivided Share or Undivided Shares of which he ceases to be the Owner thereupon, thereupon cease to have any interest in the Management Funds held by the Manager including but not limited to the deposit paid under Clauses 4.12(b), Xxxxxx (c15)(a)(i) of Subsection (D) of Section V hereof and the due contribution of the Special Fund paid under Clause (e17) respectively of Subsection (D) of Section V hereof to the intent that all such funds Management Funds shall be held and applied for the management of the Development irrespective of changes in ownership of the Undivided Shares in PROVIDED that the Development. (c) On transfer of ownership, the deposits paid by any Owner under Clauses 4.12(b) and (e) and still held by the Manager aforesaid deposit may be transferred into the name of to the new owner acquiring from such Owner of such Undivided Shares (“AND PROVIDED further that upon the New Owner”). In the event that any deposit rights and obligations hereunder being released as provided herein or sums paid by such Owner has been partially or entirely applied by the Manager towards payment of outstanding fees or monies owing by such Owner, the New Owner shall be liable to pay for the difference between (i) the amount of the deposit (if any) still held by the Manager and (ii) the amount of deposit due under Clauses 4.12(b) and (e) hereof as determined by the Manager. (d) On the expiration or determination of any term of service of the Manager, the Manager shall after settlement of all outstanding Management Expenses (if any) transfer the balance of the Management Funds to the new manager or the Owners’ Committee and upon the Land reverting to the Government and no renewal of the Conditions or further Conditions being obtainable or upon the rights and obligations hereunder being extinguished as provided in Section VIII of this Deed, any balance of the Management Funds or in the case of extinguishment of rights and obligations as aforesaid any appropriate part of such funds shall be divided proportionately between the Owners of the Undivided Shares (except the Owner of the Common Parts Undivided Shares) in accordance with the Undivided Shares held by them respectively immediately prior to such reversion release or in the case of extinguishment of rights and obligations as aforesaid between the Owners whose rights and obligations are extinguished in proportion to their Management Sharesreversion.

Management Funds. Manager to keep proper account (1) (a) The All monies collected by the Manager (who shall be deemed to be a trustee for and on behalf of the Owners in respect of all monies and deposits received on their behalf) in the Management Funds irrespective exercise of changes in ownership its powers and duties hereunder (save and except that the Manager may retain or pay into a current account a reasonable amount to cover expenditure of a minor nature as is from time to time determined by a resolution of the Undivided Shares. Owners' Committee (bif any) Any person ceasing and also subject to such conditions as may be the Owner of any Undivided Shares shall, in respect approved by a resolution of the Undivided Shares Owners' Committee) shall without delay be paid into (i) an interest-bearing bank account or accounts of the Manager (such bank account(s) shall be opened and maintained with a bank within the meaning of Section 2 of the Banking Ordinance (Cap.155) and the title of which he ceases to be the Owner thereupon, cease to have any interest in the Management Funds including but not limited refers to the deposit paid management of the Development); or (ii) if there is an Owners’ Corporation, the account or accounts opened and maintained under Clauses 4.12(b), Sub-Clause (c1)(b) and (ebelow. The Manager shall use that account(s) respectively to the intent that all such funds shall be held and applied exclusively for the management of the Development irrespective and keep true and proper accounts of changes all such monies and the expenditure thereof and shall produce a detailed summary of such accounts each month and shall after the close of every financial year produce an annual set of accounts as soon as the accounts are certified by the Auditors hereinafter referred to as providing an accurate summary of all items of income and expenditure during the preceding year. The Manager shall maintain proper books or records of account and other financial records and shall keep all bills, invoices, vouchers, receipts and other documents referred to in ownership the accounts for at least 6 years. (b) Without prejudice to the generality of Sub-Clause (1)(a) above, if there is an Owners’ Corporation, the Manager shall open and maintain one or more segregated interest-bearing accounts (such account(s) shall be opened and maintained with a bank within the meaning of Section 2 of the Undivided Shares Building Ordinance (Cap.155), the title of which refers to the management of the Development), 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. (c) On transfer of ownership, the deposits paid by any Owner under Clauses 4.12(b) and (e) and still held by the The Manager may be transferred into the name of the new owner acquiring from such Owner of such Undivided Shares (“the New Owner”). In the event that any deposit or sums paid by such Owner has been partially or entirely applied by the Manager towards payment of outstanding fees or monies owing by such Owner, the New Owner shall be liable to pay for the difference between (i) the amount of the deposit (if any) still held by the Manager and (ii) the amount of deposit due under Clauses 4.12(b) and (e) hereof as determined by the Manager. (d) On the expiration or determination display a document showing evidence of any term of service of the Manager, the Manager shall after settlement of all outstanding Management Expenses account opened and maintained under Sub-Clauses (if any1)(a) transfer the balance of the Management Funds to the new manager or the Owners’ Committee and upon the Land reverting to the Government and no renewal of the Conditions or further Conditions being obtainable or upon the rights and obligations hereunder being extinguished as provided (1)(b) above in Section VIII of this Deed, any balance of the Management Funds or a prominent place in the case of extinguishment of rights and obligations as aforesaid any appropriate part of such funds shall be divided proportionately between the Owners of the Undivided Shares 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 proportion to their Management SharesDevelopment.

Management Funds. Manager to keep proper account (1) (a) The All monies collected by the Manager (who shall be deemed to be a trustee for and on behalf of the Owners in respect of all monies and deposits received on their behalf) in the Management Funds irrespective exercise of changes in ownership its powers and duties hereunder (save and except that the Manager may retain or pay into a current account a reasonable amount to cover expenditure of a minor nature as is from time to time determined by a resolution of the Undivided Shares. Owners’ Committee (bif any) Any person ceasing and also subject to such conditions as may be the Owner of any Undivided Shares shall, in respect approved by a resolution of the Undivided Shares Owners’ Committee) shall without delay be paid into (i) an interest-bearing bank account or accounts of the Manager (such bank account(s) shall be opened and maintained with a bank within the meaning of Section 2 of the Banking Ordinance (Cap.155) and the title of which he ceases to be the Owner thereupon, cease to have any interest in the Management Funds including but not limited refers to the deposit paid management of the Development); or (ii) if there is an Owners’ Incorporation, the account or accounts opened and maintained under Clauses 4.12(b), Sub-Clause (c1)(b) and (ebelow. The Manager shall use that account(s) respectively to the intent that all such funds shall be held and applied exclusively for the management of the Development irrespective and keep true and proper accounts of changes all such monies and the expenditure thereof and shall produce a detailed summary of such accounts each month and shall after the close of every financial year produce an annual set of accounts as soon as the accounts are certified by the auditors referred to in ownership Clause (3) of the Undivided Shares Subsection (F) as providing an accurate summary of all items of income and expenditure during the preceding year. The Manager shall maintain proper books or records of account and other financial records and shall keep all bills, invoices, vouchers, receipts and other documents referred to in those books and records for at least 6 years. (b) Without prejudice to the generality of Sub-Clause (1)(a) above, if there is an Owners’ Incorporation, the Manager shall open and maintain one or more segregated interest-bearing accounts (such account(s) shall be opened and maintained 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), 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’ Incorporation in respect of the management of the Development. (c) On transfer of ownership, the deposits paid by any Owner under Clauses 4.12(b) and (e) and still held by the The Manager may be transferred into the name of the new owner acquiring from such Owner of such Undivided Shares (“the New Owner”). In the event that any deposit or sums paid by such Owner has been partially or entirely applied by the Manager towards payment of outstanding fees or monies owing by such Owner, the New Owner shall be liable to pay for the difference between (i) the amount of the deposit (if any) still held by the Manager and (ii) the amount of deposit due under Clauses 4.12(b) and (e) hereof as determined by the Manager. (d) On the expiration or determination display a document showing evidence of any term of service of the Manager, the Manager shall after settlement of all outstanding Management Expenses account opened and maintained under Sub-Clauses(1)(a) or (if any1)(b) transfer the balance of the Management Funds to the new manager or the Owners’ Committee and upon the Land reverting to the Government and no renewal of the Conditions or further Conditions being obtainable or upon the rights and obligations hereunder being extinguished as provided above in Section VIII of this Deed, any balance of the Management Funds or a prominent place in the case of extinguishment of rights and obligations as aforesaid any appropriate part of such funds shall be divided proportionately between the Owners of the Undivided Shares 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 proportion to their Management SharesDevelopment.