Manager to open and maintain bank account. (a) The Manager shall open and maintain an interest-bearing account and shall use that account exclusively in respect of the management of the Land. (b) Without prejudice to the generality of Clause 10.17(a), 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 it from or on behalf of the Owners’ Corporation in respect of the management of the Land. (c) The Manager shall display a document showing evidence of any account opened and maintained under Clause 10.17(a) or Clause 10.17(b) in a prominent place in the Development. (d) Subject to Clauses 10.17 (e) and (f), the Manager shall without delay pay all money received by it in respect of the management of the Land into the account opened and maintained under Clause 10.17(a) or, if there is an Owners’ Corporation, the account or accounts opened and maintained under Clause 10.17(b). (e) Subject to Clause 10.17(f), the Manager may, out of money received by it in respect of the management of the Land, 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). (f) The retention of a reasonable amount of money under Clause 10.17(e) or the payment of that amount into a current account in accordance with Clause 10.17(e) 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). (g) Any reference in this Clause 10.17 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 Land.
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Samples: Deed of Mutual Covenant and Management Agreement, Deed of Mutual Covenant and Management Agreement, Deed of Mutual Covenant and Management Agreement
Manager to open and maintain bank account. (a) The Manager shall open and maintain an interest-bearing account and shall use that account exclusively in respect of the management of the LandDevelopment.
(b) Without prejudice to the generality of Clause 10.17(a), 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 it the Manager from or on behalf of the Owners’ Corporation in respect of the management of the LandDevelopment.
(c) The Manager shall display a document showing evidence of any account opened and maintained under Clause 10.17(a) or Clause 10.17(b) in a prominent place in the Development.
(d) Subject to Clauses 10.17 (e) and (f), the Manager shall without delay pay all money received by it the Manager in respect of the management of the Land Development into the account opened and maintained under Clause 10.17(a) or, if there is an Owners’ Corporation, the account or accounts opened and maintained under Clause 10.17(b).
(e) Subject to Clause 10.17(f), the Manager may, out of money received by it the Manager in respect of the management of the LandDevelopment, 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).
(f) The retention of a reasonable amount of money under Clause 10.17(e) or the payment of that amount into a current account in accordance with Clause 10.17(e) 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).
(g) Any reference in this Clause 10.17 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 LandDevelopment.
Appears in 2 contracts
Samples: Deed of Mutual Covenant and Management Agreement, Deed of Mutual Covenant and Management Agreement
Manager to open and maintain bank account. (a) The Manager shall open and maintain an interest-bearing account and shall use that account exclusively in respect of the management of the Land.
(b) Without prejudice to the generality of Clause 10.17(a), 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 it the Manager from or on behalf of the Owners’ Corporation in respect of the management of the Land.
(c) The Manager shall display a document showing evidence of any account opened and maintained under Clause 10.17(a) or Clause 10.17(b) in a prominent place in the Development.
(d) Subject to Clauses 10.17 (e) and (f), the Manager shall without delay pay all money received by it the Manager in respect of the management of the Land into the account opened and maintained under Clause 10.17(a) or, if there is an Owners’ Corporation, the account or accounts opened and maintained under Clause 10.17(b).
(e) Subject to Clause 10.17(f), the Manager may, out of money received by it the Manager in respect of the management of the Land, 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).
(f) The retention of a reasonable amount of money under Clause 10.17(e) or the payment of that amount into a current account in accordance with Clause 10.17(e) 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).
(g) Any reference in this Clause 10.17 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 Land.
Appears in 2 contracts
Samples: Deed of Mutual Covenant and Management Agreement, Deed of Mutual Covenant and Management Agreement
Manager to open and maintain bank account. (a) The Manager shall open and maintain an interest-bearing account and shall use that account exclusively in respect of the management of the Land.
(b) Without prejudice to the generality of Clause 10.17(a), 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 it from or on behalf of the Owners’ Corporation in respect of the management of the Land.
(c) The Manager shall display a document showing evidence of any account opened and maintained under Clause 10.17(a) or Clause 10.17(b) in a prominent place in the Development.
(d) Subject to Clauses 10.17 (e10.17(e) and (f), the Manager shall without delay pay all money received by it in respect of the management of the Land into the account opened and maintained under Clause 10.17(a) or, if there is an Owners’ Corporation, the account or accounts opened and maintained under Clause 10.17(b).
(e) Subject to Clause 10.17(f), the Manager may, out of money received by it in respect of the management of the Land, 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).
(f) The retention of a reasonable amount of money under Clause 10.17(e) or the payment of that amount into a current account in accordance with Clause 10.17(e) 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).
(g) Any reference in this Clause 10.17 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 Land.
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Manager to open and maintain bank account. (a) The Manager shall open and maintain an interest-bearing account and shall use that account exclusively in respect of the management of the Land.
(b) Without prejudice to the generality of Clause 10.17(a), 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 it him from or on behalf of the Owners’ Corporation in respect of the management of the Land.
(c) The Manager shall display a document showing evidence of any account opened and maintained under Clause 10.17(a) or Clause 10.17(b) in a prominent place in the Development.
(d) Subject to Clauses 10.17 (e) and (f), the Manager shall without delay pay all money received by it him in respect of the management of the Land into the account opened and maintained under Clause 10.17(a) or, if there is an Owners’ Corporation, the account or accounts opened and maintained under Clause 10.17(b).
(e) Subject to Clause 10.17(f), the Manager may, out of money received by it him in respect of the management of the Land, 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).
(f) The retention of a reasonable amount of money under Clause 10.17(e) or the payment of that amount into a current account in accordance with Clause 10.17(e) 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).
(g) Any reference in this Clause 10.17 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 Land.
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Manager to open and maintain bank account. (a) The Manager shall open and maintain an interest-bearing account and shall use that account exclusively in respect of the management of the Land.
(b) Without prejudice to the generality of Clause 10.17(a10.16(a), 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 it from or on behalf of the Owners’ Corporation in respect of the management of the Land.
(c) The Manager shall display a document showing evidence of any account opened and maintained under Clause 10.17(a10.16(a) or Clause 10.17(b10.16(b) in a prominent place in the Development.
(d) Subject to Clauses 10.17 10.16 (e) and (f), the Manager shall without delay pay all money received by it in respect of the management of the Land into the account opened and maintained under Clause 10.17(a10.16(a) or, if there is an Owners’ Corporation, the account or accounts opened and maintained under Clause 10.17(b10.16(b).
(e) Subject to Clause 10.17(f10.16(f), the Manager may, out of money received by it in respect of the management of the Land, 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).
(f) The retention of a reasonable amount of money under Clause 10.17(e10.16(e) or the payment of that amount into a current account in accordance with Clause 10.17(e10.16(e) 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).
(g) Any reference in this Clause 10.17 10.16 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 Land.
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Manager to open and maintain bank account. (a) The Manager shall open and maintain an interest-bearing account and shall use that account exclusively in respect of the management of the Land.
(b) Without prejudice to the generality of Clause 10.17(a), 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 it from or on behalf of the Owners’ Corporation in respect of the management of the Land.
(c) The Manager shall display a document showing evidence of any account opened and maintained under Clause 10.17(a) or Clause 10.17(b) in a prominent place in the Development.
(d) Subject to Clauses 10.17 (e) and (f), the Manager shall without delay pay all money received by it in respect of the management of the Land into the account opened and maintained under Clause 10.17(a) or, if there is an Owners’ Corporation, the account or accounts opened and maintained under Clause 10.17(b).
(e) Subject to Clause 10.17(f), the Manager may, out of money received by it in respect of the management of the Land, 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).
(f) The retention of a reasonable amount of money under Clause 10.17(e) or the payment of that amount into a current account in accordance with Clause 10.17(e) 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).
(g) Any reference in this Clause 10.17 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 Land.Clause
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Manager to open and maintain bank account. (a) The Manager shall open and maintain an interest-bearing account and shall use that account exclusively in respect of the management of the Land.
(b) Without prejudice to the generality of Clause 10.17(a10.15(a), 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 it the Manager from or on behalf of the Owners’ Corporation in respect of the management of the Land.
(c) The Manager shall display a document showing evidence of any account opened and maintained under Clause 10.17(a10.15(a) or Clause 10.17(b10.15(b) in a prominent place in the Development.
(d) Subject to Clauses 10.17 10.15 (e) and (f), the Manager shall without delay pay all money received by it the Manager in respect of the management of the Land into the account opened and maintained under Clause 10.17(a10.15(a) or, if there is an Owners’ Corporation, the account or accounts opened and maintained under Clause 10.17(b10.15(b).
(e) Subject to Clause 10.17(f10.15(f), the Manager may, out of money received by it the Manager in respect of the management of the Land, 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).
(f) The retention of a reasonable amount of money under Clause 10.17(e10.15(e) or the payment of that amount into a current account in accordance with Clause 10.17(e10.15(e) 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).
(g) Any reference in this Clause 10.17 10.15 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 LandDevelopment.
Appears in 1 contract
