Owners’ interest in Management Funds. (a) Subject to Clauses 10.6(b) and (c), upon any person ceasing to be the Owner of any Share he shall in respect of that Share cease to have any interest in the Management Funds to the intent that the Management Funds shall be held and applied for the management of the Land irrespective of changes in ownership of the Shares and the Management Fees Deposit and the due portion of Common Utilities Deposits in respect of a Unit shall be transferred into the name of the new Owner of the relevant Shares.
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Samples: Management Agreement, www.thegrandmarine.com.hk, www.vauresidence.com.hk
Owners’ interest in Management Funds. (a) Subject to Clauses 10.6(b) and (c), upon any person ceasing to be the Owner of any Undivided Share he shall in respect of that Undivided Share cease to have any interest in the Management Funds to the intent that the Management Funds shall be held and applied for the management of the Land irrespective of changes in ownership of the Undivided Shares and the Management Fees Deposit and the due portion of Common Utilities Deposits in respect of a Unit shall be transferred into the name of the new Owner of the relevant Undivided Shares.
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