Common use of Management of the Scheme Clause in Contracts

Management of the Scheme. 21.1. The Seller shall in its sole discretion determine whether or not a managing agent (as contemplated in the STMSA) shall be appointed to manage the affairs of the Body Corporate and, if applicable, the Association. 21.2. In the event the Seller determines that a managing agent is to be appointed, then it shall be entitled to appoint the managing agent for a period of 1 (one) year after the first general meeting of the Body Corporate. 21.3. With effect from the Registration Date, the Purchaser grants to the Seller the irrevocable power of attorney to appoint the first managing agent and authorises the Seller to exercise all of its voting rights in this regard. 21.4. In the event that the Seller determines that a managing agent is not be to appointed, then the Seller shall be responsible to ensure that the affairs of the Body Corporate and Association are managed and administered by it or any person appointed by it to do so, for 12 (twelve) months after the Body Corporate has been established or until such time the Seller is no longer a member of the Body Corporate, whichever is the earlier, and the Purchaser hereby agrees that the Seller shall be entitled to levy a reasonable market related fee to the Body Corporate and Association for providing such services.