Preparation of annual management budget Sample Clauses

Preparation of annual management budget. (a) Subject to Clauses 5.1(c), 5.1(e) and 5.1(f) below, the total amount of Management Expenses payable by the Owners during any period of twelve (12) months adopted by the Manager as the financial year in respect of the management of the Land and the Building shall be the total estimated Management Expenses during that year as specified by the Manager in accordance with Clause 5.1(b) below. (b) In respect of each financial year, the Manager shall:- (i) prepare a draft annual management budget setting out the estimated Management Expenses of the Land and the Building during the financial year PROVIDED THAT the first draft annual management budget shall be prepared by the Manager as soon as practicable after his appointment and shall cover the period from the date hereof until the 31st day of December of the same year and all subsequent draft annual management budgets shall be prepared by the Manager at least one (1) month prior to the commencement of the financial year and such subsequent draft annual management budgets (other than the first draft annual management budget) shall be prepared in consultation with the Owners’ Committee (if any); (ii) send a copy of the draft annual management budget to the Owners’ Committee or, where there is no Owners’ Committee, display a copy of the draft annual management budget in a prominent place in the Building and cause it to remain so displayed for at least 7 consecutive days; (iii) send or display, as the case may be, with the copy of the draft annual management budget a notice inviting each Owner to send his comments on the draft annual management budget to the Manager within a period of fourteen (14) days from the date the draft annual management budget was sent or first displayed; (iv) after the end of the period as set out in Clause 5.1(b)(iii) above, the Manager may alter (but shall not be obliged to do so) the draft annual management budget based on the suggestions made by the Owners’ Committee or the Owners and prepare a revised annual management budget specifying the total estimated Management Expenses during the financial year; (v) send a copy of the revised annual management budget to the Owners’ Committee or, where there is no Owners’ Committee, display a copy of the annual management budget in a prominent place in the Building and cause it to remain so displayed for at least 7 consecutive days. (c) Where, in respect of a financial year, the Manager has not complied with Clause 5.1(b) above before the co...
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