Common use of Manager’s Remuneration Clause in Contracts

Manager’s Remuneration. 6.3.1 The Manager (other than the Owners' Committee when acting as Manager) for the performance of its duties herein shall be paid by way of remuneration an amount not exceeding the rate of 20% of the total annual Management Expenses necessarily and reasonably incurred in the course of its management of the Estate. No variation of the percentage of 20% may be made except with the approval by a resolution of Owners at an Owners’ meeting convened under this Deed. 6.3.2 For the purpose of calculating the Manager’s Remuneration, the total annual Management Expenses referred to in Clause 6.3.1 above shall exclude (i) the Manager’s Remuneration, (ii) any capital expenditure or expenditure drawn out of the provision of Special Fund, Provided That by a resolution of Owners at an Owners’ meeting convened under this Deed, any capital expenditure or expenditure drawn out of the Special Fund may be included for calculating the Manager’s Remuneration at the rate of 20% or at such lower rate as the Owners may consider appropriate. 6.3.3 The Manager's Remuneration as aforesaid shall be the net remuneration of the Manager for its services as Manager and shall not be subject to any requirement by the Manager to disburse or provide from such money any staff, facilities, accountancy services, or other professional supervision for the management of the Land and the Estate the cost for which shall be a direct charge upon the General Fund. 6.3.4 Each Owner of a House shall pay his due proportion of the Manager's Remuneration to the Manager in advance on the first day of each month. Payment of the Manager's Remuneration shall be monthly in advance in the sum of one twelfth of the annual remuneration of the Manager being 20% of the total annual budgeted Management Expenses (excluding the Manager's Remuneration, the Special Fund and any capital expenditure or expenditure drawn out of the Special Fund referred to in Clause 6.3.2) subject to adjustment at the end of each financial year when the final annual management expenses are ascertained.

Manager’s Remuneration. 6.3.1 The Manager (other than the Owners' Committee when acting as Manager) for the performance of its duties herein shall be paid by way of remuneration an amount not exceeding equals to the rate of 2015% of the total annual Management Expenses necessarily and reasonably incurred in the course of its management of the Estate. No variation of the percentage of 2015% may be made except with the approval by a resolution of Owners at an Owners’ meeting convened under this Deed. 6.3.2 For the purpose of calculating the Manager’s Remuneration, the total annual Management Expenses referred to in Clause 6.3.1 above shall exclude (i) the Manager’s Remuneration, (ii) any capital expenditure or expenditure drawn out of the provision of Special Sinking Fund, Provided That by a resolution of Owners at an Owners’ meeting convened under this Deed, any capital expenditure or expenditure drawn out of the Special Sinking Fund may be included for calculating the Manager’s Remuneration at the rate of 2015% or at such lower rate as the Owners may consider appropriate. Capital expenditure shall mean expenditure of a kind not expected by the Manager to be incurred annually. 6.3.3 The Manager's Remuneration as aforesaid shall be the net remuneration of the Manager for its services as Manager and shall not be subject to any requirement by the Manager to disburse or provide from such money any staff, facilities, accountancy services, or other professional supervision for the management of the Land and the Estate the cost for which shall be a direct charge upon the General Fund. 6.3.4 Each Owner of a House shall pay his due proportion of the Manager's Remuneration to the Manager in advance on the first day of each month. Payment of the Manager's Remuneration hereunder shall be made in arrears after the end of each calendar month. Such monthly in advance payment shall be in the sum of one twelfth of the annual remuneration of the Manager being 2015% of the actual total annual budgeted Management Expenses expenses incurred for that calendar month (excluding the Sinking Fund and Manager's Remuneration, Remuneration as aforesaid) payable by the Special Fund Owners and any capital expenditure be payable after such amount of total Management expenses for the calendar month is ascertained. Any adjustment payment or expenditure drawn out deduction that needs to be made to bring the amount paid to the Manager by way of remuneration for the month or year in question to the correct amount for such month or year will be made within twenty-one (21) days from the completion of the Special Fund referred to in Clause 6.3.2) subject to adjustment at auditing of the end of each financial year when the final annual management expenses are ascertainedaccounts for such month or year.

Manager’s Remuneration. 6.3.1 The Manager (other than the Owners' Committee when acting as Manager) for the performance of its duties herein shall be paid by way of remuneration an amount not exceeding the rate of 20% of the total annual Management Expenses necessarily and reasonably incurred in the course of its management of the Estate. No variation of the percentage of 20% may be made except with the approval by a resolution of Owners at an Owners’ meeting convened under this Deed. 6.3.2 For the purpose of calculating the Manager’s Remuneration, the total annual Management Expenses referred to in Clause 6.3.1 above shall exclude (i) the Manager’s Remuneration, (ii) any capital expenditure or expenditure drawn out of the provision of Special Fund, Provided That by a resolution of Owners at an Owners’ meeting convened under this Deed, any capital expenditure or expenditure drawn out of the Special Fund may be included for calculating the Manager’s Remuneration at the rate of 20% or at such lower rate as the Owners may consider appropriate. 6.3.3 The Manager's Remuneration as aforesaid shall be the net remuneration of the Manager for its services as Manager and shall not be subject to any requirement by the Manager to disburse or provide from such money any staff, facilities, accountancy services, or other professional supervision for the management of the Land and the Estate the cost for which shall be a direct charge upon the General Fund. 6.3.4 Each Owner of a House shall pay his due proportion of the Manager's Remuneration to the Manager in advance on the first day of each month. Payment of the Manager's Remuneration shall be monthly in advance in the sum of one twelfth of the annual remuneration of the Manager being 20% of the total annual budgeted Management Expenses (excluding the Manager's Remuneration, the Special Fund and any capital expenditure or expenditure drawn out of the Special Fund referred to in Clause 6.3.2) subject to adjustment at the end of each financial year when the final annual management expenses are ascertained.in

Manager’s Remuneration. 6.3.1 (a) The Manager (other than the Owners' ’ Committee when acting as Managermanager) for the performance of its duties herein shall be paid by way entitled to receive a remuneration of remuneration an amount not exceeding the rate of a sum equivalent to twenty per cent (20% %) of the total annual amount of the Management Expenses per annum necessarily and reasonably incurred by the Manager in the course of its proper and efficient management of the Estate. No Development and no variation of the aforesaid percentage of 20% may be made except with the approval by a resolution of the Owners passed at an Owners’ a meeting of the Owners convened under and conducted in accordance with this Deed. 6.3.2 . For the purpose of calculating the Manager’s Remunerationthis Clause 4.6 only, the total annual amount of the Management Expenses referred to in Clause 6.3.1 above shall exclude :- (i) the Manager’s Remuneration, Remuneration itself; and (ii) any capital expenditure or expenditure drawn out of the provision of Special Fund, Provided That Fund provided that by a resolution of the Owners passed at an Owners’ a meeting of the Owners convened under and conducted in accordance with this Deed, any capital expenditure or expenditure drawn out of the Special Fund may be included for in calculating the Manager’s Remuneration at the a rate of not more than twenty per cent (20% %) or at such lower rate as the Owners may consider appropriate. Capital expenditure shall mean expenditure of a kind not incurred annually. 6.3.3 (b) The Manager's ’s Remuneration as aforesaid shall be payable by way of equal monthly payment in advance. The Manager shall make adjustments to the Manager’s Remuneration at the end of each financial year when the total amount of the Management Expenses during such financial year is ascertained. (c) The Manager’s Remuneration shall be the net remuneration of the Manager for its services service as Manager manager and shall not be subject to any requirement by the Manager to disburse or provide from such money any staff, postage and stationery, facilities, accountancy services, secretarial services or other professional supervision for services the management of the Land and the Estate the cost costs for which shall be a direct charge upon the General FundManagement Funds. 6.3.4 Each Owner of a House shall pay his due proportion of the Manager's Remuneration to the Manager in advance on the first day of each month. Payment of the Manager's Remuneration shall be monthly in advance in the sum of one twelfth of the annual remuneration of the Manager being 20% of the total annual budgeted Management Expenses (excluding the Manager's Remuneration, the Special Fund and any capital expenditure or expenditure drawn out of the Special Fund referred to in Clause 6.3.2) subject to adjustment at the end of each financial year when the final annual management expenses are ascertained.