Common use of - SPECIAL FUND, ACCOUNTS ETC Clause in Contracts

- SPECIAL FUND, ACCOUNTS ETC. 6.1 Owners’ interest in funds held by Manager Any person ceasing to be the Owner of any Undivided Share or Shares in the Land and the Building shall in respect of the Undivided Share or Shares of which he ceases to be the Owner thereupon cease to have any interest in the funds held by the Manager including the deposits paid under Clause 5.9 and his contributions towards the Special Fund paid under Clause 5.8 of this Deed to the intent that all such funds shall be held and applied for the management and maintenance of the Land and the Building irrespective of changes in ownership of the Undivided Shares in the Land and the Building PROVIDED THAT any deposits as security for the payment of sums due hereunder or the balance thereof paid under Clause 5.9 may be transferred into the name of the new Owner of such Undivided Shares and PROVIDED FURTHER THAT upon the Land reverting to the Government and no further government lease or land grant being obtainable, any balance of the said funds held by the Manager shall be divided proportionately between Owners contributing to the Management Expenses immediately prior to such reversion, or in the case of extinguishment of rights and obligations as provided in Clause 9.1 hereof, an appropriate part of the said funds shall be divided proportionately between Owners whose rights and obligations are extinguished in proportion to their Undivided Shares.

- SPECIAL FUND, ACCOUNTS ETC. 6.1 Owners’ ' interest in funds held by Manager Any person ceasing to be the Owner of any Undivided Share or Shares in the Land and the Building Development shall in respect of the Undivided Share or Shares of which he ceases to be the Owner thereupon cease to have any interest in the funds held by the Manager including the deposits paid under Clause 5.9 hereof and his contributions towards the Special Fund paid under Clause 5.8 of this Deed to the intent that all such funds shall be held and applied for the management and maintenance of the Land and the Building Development irrespective of changes in ownership of the Undivided Shares in the Land and the Building Development PROVIDED THAT any deposits as security for the payment of sums due hereunder or the balance thereof paid under Clause 5.9 hereof may be transferred into the name of the new Owner of such Undivided Shares and PROVIDED FURTHER THAT upon the Land reverting to the Government and no further government lease or land grant being obtainable, any balance of the said funds held by the Manager shall be divided proportionately between Owners contributing to the Management Expenses immediately prior to such reversion, or in the case of extinguishment of rights and obligations as provided in Clause 9.1 hereof, an appropriate part of the said funds shall be divided proportionately between Owners whose rights and obligations are extinguished in proportion to their Undivided Management Shares.

- SPECIAL FUND, ACCOUNTS ETC. 6.1 Owners’ ' interest in funds held by Manager Any person ceasing to be the Owner of any Undivided Share or Shares in the Land and the Building shall in respect of the Undivided Share or Shares of which he ceases to be the Owner thereupon cease to have any interest in the funds held by the Manager including the deposits paid under Clause 5.9 and his contributions towards the Special Fund paid under Clause 5.8 of this Deed to the intent that all such funds shall be held and applied for the management and maintenance of the Land and the Building irrespective of changes in ownership of the Undivided Shares in the Land and the Building PROVIDED THAT any deposits as security for the payment of sums due hereunder or the balance thereof paid under Clause 5.9 may be transferred into the name of the new Owner of such Undivided Shares and PROVIDED FURTHER THAT upon the Land reverting to the Government and no further government lease or land grant being obtainable, any balance of the said funds held by the Manager shall be divided proportionately between Owners contributing to the Management Expenses immediately prior to such reversion, or in the case of extinguishment of rights and obligations as provided in Clause 9.1 hereof, an appropriate part of the said funds shall be divided proportionately between Owners whose rights and obligations are extinguished in proportion to their Undivided Shares.