Management Records and Accounts. 1. The Manager may change the financial year once only in every five years (unless otherwise approved by the Owners' Committee (if any)) by giving 3 months' notice in writing in advance to the Owners.
(a) All monies and deposits collected by the Manager in the exercise of its powers and duties hereunder shall unless otherwise authorized by the Owners' Committee be held by the Manager on trust for and on behalf of all the Owners and be paid into an interest-bearing bank account at a licensed bank within the meaning of section 2 of the Banking Ordinance (Cap. 155), the title of which shall refer to the management of the Land and the Development and shall only be used for the good and efficient management of the Land and the Development (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 Owners’ Committee (if any) and in such amount and subject to such conditions as may be approved by a resolution of the Owners’ Committee (if any)).
(b) Without prejudice to the generality of Clause (2)(a) of this Subsection above if there is an Owners’ Corporation, the Manager shall open and maintain one or more segregated interest-bearing accounts within the meaning of Section 2 of the Banking Ordinance (Chapter 155 of the Laws of Hong Kong), the title of which shall refer to the management of the Land and the Development, each of which shall be designated as a trust account or client account, for holding money received by the Manager from or on behalf of the Owners’ Corporation in respect of the management of the Development. The Manager shall display a document showing evidence of any account opened and maintained under Clause 2(a) of this Subsection above or this sub-clause in a prominent place in the Development. Subject to Clause 2(a) of this Subsection above, the Manager shall without delay pay all money received by the Manager in respect of the management of the Development into the account opened and maintained under Clause 2(a) of this Subsection above or, if there is an Owners’ Corporation, the account or accounts opened and maintained under this sub-clause.
3. The Manager shall keep true and proper books or records of account and other financial records of all monies received or expended in the exercise of its powers and duties hereunder and shall keep all bills, invoices, receipts and other documents referred to in those book...
Management Records and Accounts. Financial year
(1) The financial year for the purpose of management of the Development shall commence on the date hereof and shall end on the 31st day of December of the following year but thereafter the financial year shall commence on the 1st day of January and shall end on the 31st day of December of such year Provided Always that the Manager shall have the right to change the financial year once in every five years upon giving a minimum of 3 months' notice in writing to the Owners or from time to time upon the prior approval of the Owners' Committee.
(2) The Manager shall keep true and proper accounts of all monies received in the exercise of its powers and duties hereunder and all expenditure thereof. Manager to prepare and publish monthly summary of accounts (3) Within one month after each consecutive period of 3 months, or such shorter period as the Manager may select, the Manager shall prepare a summary of all accounts with regard to Clause (2) hereof, and a balance sheet in respect of that period, display a copy of the summary and balance sheet in a prominent place in the Development, and cause it to remain so displayed for at least 7 consecutive days. Manager to prepare income and expenditure account and balance sheet (4) Within 2 months after the end of each financial year, the Manager shall prepare an income and expenditure account and balance sheet for that year, display a copy of the income and expenditure account and balance sheet in a prominent place in the Development, and cause it to remain so displayed for at least 7 consecutive days.
Management Records and Accounts. Financial year
(1) The financial year for the purpose of management of the Development shall commence on the date hereof and shall end on the 31st day of December of the following year but thereafter the financial year shall commence on the 1st day of January and shall end on the 31st day of December of such year Provided Always that the Manager shall have the right to change the financial year once in every five years upon giving a minimum of 3 months’ notice in writing to the Owners Provided Further that the financial year may not be changed more than once in every five years unless that change is previously approved by a resolution of the Owners’ Committee (if any). Manager to keep accounts (2) 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. Manager to prepare and publish monthly summary of accounts (3) Within one month after each consecutive period of 3 months, or such shorter period as the Manager may select, the Manager shall prepare a summary of income and expenditure, and a balance sheet in respect of that period, display a copy of the summary and balance sheet in a prominent place in the Development, and cause it to remain so displayed for at least 7 consecutive days PROVIDED THAT on request in writing by the G.P.A. the Manager shall provide F.S.I. free of charge with copies of quarterly accounts, audited reports and budgets to justify the expenses incurred/estimated. The said accounts, reports, budgets, notices and demands shall be sent free of charges to the F.S.I. by prepaid post or delivered by hand to the G.P.A., Government Property Agency, 00/X, Xxxxxxx Xxxxx, 0 Xxxxxxxxxx Xxxx, Xxxxxxx, Xxxx Xxxx or such other person and address nominated by the F.S.I. in writing. Manager to prepare income and (4) Within 2 months after the end of each financial year, the Manager shall prepare an income and expenditure account and balance sheet for that expenditure account and balance sheet year, display a copy of the income and expenditure account and balance sheet in a prominent place in the Development, and cause it to remain so displayed for at least 7 consecutive days.
Management Records and Accounts. Financial year
(1) The financial year for the purpose of management of the Development shall commence on the date of this Deed and shall end on the 31st day of December of the following year but thereafter the financial year shall commence on the 1st day of January and shall end on the 31st day of December of such year Provided Always that the Manager shall have the right to change the financial year once in every five years upon giving a minimum of 3 months' notice in writing to the Owners or from time to time upon the prior approval by a resolution of the Owners' Committee.
(2) The Manager shall keep true and proper accounts of all monies received in the exercise of its powers and duties hereunder and all expenditure thereof. Manager to prepare and publish monthly summary of accounts (3) Within one month after each consecutive period of 3 months, or such shorter period as the Manager may select, the Manager shall prepare a summary of all accounts with regard to Clause (2) hereof, and a balance sheet in respect of that period, display a copy of the summary and balance sheet in a prominent place in the Development, and cause it to remain so displayed for at least 7 consecutive days.
Management Records and Accounts. The Manager shall have the right to change the financial year at any time upon giving notice published in the public notice boards of the Development but the financial year may not be changed more than once in every five years unless that change is previously approved by a resolution of the Owners' Committee (if any).
