Summary of Income and Expenditure. (a) The Manager shall open and maintain an interest-bearing account in the name of the Manager and to be held on trust by the Manager for and on behalf of all the Owners for the time being of the Land and the Building and the Manager shall use that account exclusively in respect of the management of the Land and the Building. (b) Without prejudice to the generality of Clause 6.2(a) above, 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 him from or on behalf of the Owners’ Corporation in respect of the management of the Building. (c) The Manager shall display a document showing evidence of any account opened and maintained under Clause 6.2(a) and (b) in a prominent place in the Building. (d) Subject to Clauses 6.2(e) and 6.2(f) below, the Manager shall without delay pay all money received by the Manager in respect of the management of the Land and the Building into such interest-bearing account maintained under Clause 6.2(a) or, if there is an Owners’ Corporation, the account opened and maintained under Clause 6.2(b) above. (e) Subject to Clause 6.2(f) below, the Manager may, out of money received by the Manager in respect of the management of the Land and the Building, 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 approved or determined from time to time by a resolution of the Owners’ Committee (if the same has been established). (f) The retention of a reasonable amount of money under Clause 6.2(e) above or the payment of that amount into a current account in accordance with Clause 6.2(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 the same has been established). (g) Any reference in this Clause 6.2 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 of the Laws of Hong Kong), the title of which refers to the management of the Land and the Building. (h) The Manager shall maintain proper books or records of account and other financial records of all receipts and all payments made to and all expenditure incurred by the Manager in the exercise of its powers and duties hereunder and shall keep all bills, invoices, vouchers, receipts and other documents referred to in those books and records for at least six (6) years. In addition, within one (1) month after each consecutive period of three (3) months, or such shorter period as the Manager may select, the Manager shall prepare a summary of income and expenditure and a balance sheet in respect of that period, display a copy of the summary of income and expenditure and balance sheet in a prominent place in the Building and cause it to remain so displayed for at least seven (7) consecutive days.
Appears in 5 contracts
Samples: Deed of Mutual Covenant and Management Agreement, Deed of Mutual Covenant and Management Agreement, Deed of Mutual Covenant and Management Agreement
Summary of Income and Expenditure. (a) The Manager shall open and maintain an interest-bearing account in the name of the Manager and to be held on trust by the Manager for and on behalf of all the Owners for the time being of the Land and the Building Development and the Manager shall use that account exclusively in respect of the management of the Land and the BuildingDevelopment.
(b) Without prejudice to the generality of Clause 6.2(a) above, 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 him it from or on behalf of the Owners’ ' Corporation in respect of the management of the BuildingLand and the Development.
(c) The Manager shall display a document showing evidence of any account opened and maintained under Clause 6.2(a) and (bor Clause 6.2(b) in a prominent place in the BuildingDevelopment.
(d) Subject to Clauses 6.2(e) and 6.2(f) below, the Manager shall without delay pay all money received by the Manager it in respect of the management of the Land and the Building Development into such interest-bearing account opened and maintained under Clause 6.2(a) or, if there is an Owners’ ' Corporation, the account opened and maintained under Clause 6.2(b) above.
(e) Subject to Clause 6.2(f) below, the Manager may, out of money received by the Manager in respect of the management of the Land and the BuildingDevelopment, 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 approved or determined from time to time by a resolution of the Owners’ ' Committee (if the same has been establishedany).
(f) The retention of a reasonable amount of money under Clause 6.2(e) above or the payment of that amount into a current account in accordance with Clause 6.2(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 the same has been establishedany).
(g) Any reference in this Clause 6.2 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 of the Laws of Hong KongCap.155), the title of which refers to the management of the Land and the BuildingDevelopment.
(h) The Manager shall maintain proper books or records of account and other financial records of all receipts and all payments made to and all expenditure incurred by the Manager in the exercise of its powers and duties hereunder and shall keep all bills, invoices, vouchers, receipts and other documents referred to in those books and records for at least six (6) years. In addition, within one one
(1) month after each consecutive period of three (3) months, or such shorter period as the Manager may select, the Manager shall prepare a summary of income and expenditure and a balance sheet in respect of that period, display a copy of the summary of income and expenditure and balance sheet in a prominent place in the Building Development and cause it to remain so displayed for at least seven (7) consecutive days.
Appears in 2 contracts
Samples: Deed of Mutual Covenant and Management Agreement, Deed of Mutual Covenant and Management Agreement
Summary of Income and Expenditure. (a) The Manager shall open and maintain an interest-bearing account in the name of the Manager and to be held on trust by the Manager for and on behalf of all the Owners for the time being of the Land and the Building and the Manager shall use that account exclusively in respect of the management of the Land and the Building.
(b) Without prejudice to the generality of Clause 6.2(a) above, 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 him from or on behalf of the Owners’ ' Corporation in respect of the management of the Building.
(c) The Manager shall display a document showing evidence of any account opened and maintained under Clause 6.2(a) and or (b) in a prominent place in the Building.
(d) Subject to Clauses 6.2(e) and 6.2(f) below, the Manager shall without delay pay all money received by the Manager in respect of the management of the Land and the Building into such interest-bearing account opened and maintained under Clause 6.2(a) or, if there is an Owners’ ' Corporation, the account or accounts opened and maintained under Clause 6.2(b) above.
(e) Subject to Clause 6.2(f) below, the Manager may, out of money received by the Manager in respect of the management of the Land and the Building, 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 approved or determined from time to time by a resolution of the Owners’ ' Committee (if the same has been established).
(f) The retention of a reasonable amount of money under Clause 6.2(e) above or the payment of that amount into a current account in accordance with Clause 6.2(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 the same has been established).
(g) Any reference in this Clause 6.2 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 of the Laws of Hong KongCap.155), the title of which refers to the management of the Land and the Building.
(h) The Manager shall maintain proper books or records of account and other financial records of including but not limited to all receipts and all payments made to and all expenditure incurred by the Manager in the exercise of its powers and duties hereunder and shall keep all bills, invoices, vouchers, receipts and other documents referred to in those books and records for at least six (6) years. In addition, within one (1) month after each consecutive period of three (3) months, or such shorter period as the Manager may select, the Manager shall prepare a summary of income and expenditure and a balance sheet in respect of that period, display a copy of the summary of income and expenditure and balance sheet in a prominent place in the Building and cause it to remain so displayed for at least seven (7) consecutive days.
Appears in 1 contract
Summary of Income and Expenditure. (a) The Manager shall open and maintain an interest-bearing account in the name of the Manager and to be held on trust by the Manager for and on behalf of all the Owners for the time being of the Land and the Building and the Manager shall use that account exclusively in respect of the management of the Land and the Building.
(b) Without prejudice to the generality of Clause 6.2(a) above, 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 him from or on behalf of the Owners’ Corporation in respect of the management of the Building.
(c) The Manager shall display a document showing evidence of any account opened and maintained under Clause 6.2(a) and (b) in a prominent place in the Building.
(d) Subject to Clauses 6.2(e) and 6.2(f) below, the Manager shall without delay pay all money received by the Manager in respect of the management of the Land and the Building into such interest-bearing account maintained under Clause 6.2(a) or, if there is an Owners’ Corporation, the account opened and maintained under Clause 6.2(b) above.
(e) Subject to Clause 6.2(f) below, the Manager may, out of money received by the Manager in respect of the management of the Land and the Building, 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 approved or determined from time to time by a resolution of the Owners’ Committee (if the same has been established).
(f) The retention of a reasonable amount of money under Clause 6.2(e) above or the payment of that amount into a current account in accordance with Clause 6.2(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 the same has been established).
(g) Any reference in this Clause 6.2 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 of the Laws of Hong KongCap.155), the title of which refers to the management of the Land and the Building.
(h) The Manager shall maintain proper books or records of account and other financial records of all receipts and all payments made to and all expenditure incurred by the Manager in the exercise of its powers and duties hereunder and shall keep all bills, invoices, vouchers, receipts and other documents referred to in those books and records for at least six (6) years. In addition, within one (1) month after each consecutive period of three (3) months, or such shorter period as the Manager may select, the Manager shall prepare a summary of income and expenditure and a balance sheet in respect of that period, display a copy of the summary of income and expenditure and balance sheet in a prominent place in the Building and cause it to remain so displayed for at least seven (7) consecutive days.
Appears in 1 contract
Summary of Income and Expenditure. (a) The Manager shall open and maintain an interest-bearing account in the name of the Manager and to be held on trust by the Manager for and on behalf of all the Owners for the time being of the Land and the Building Development and the Manager shall use that account exclusively in respect of the management of the Land and the BuildingDevelopment.
(b) Without prejudice to the generality of Clause 6.2(a) above, 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 him it from or on behalf of the Owners’ Corporation in respect of the management of the BuildingLand and the Development.
(c) The Manager shall display a document showing evidence of any account opened and maintained under Clause 6.2(a) and (babove or Clause 6.2(b) above in a prominent place in the BuildingDevelopment.
(d) Subject to Clauses 6.2(e) and 6.2(f) below, the Manager shall without delay pay all money received by the Manager it in respect of the management of the Land and the Building Development into such interest-bearing the account opened and maintained under Clause 6.2(a) above or, if there is an Owners’ Corporation, the account or accounts opened and maintained under Clause 6.2(b) above.
(e) Subject to Clause 6.2(f) below, the Manager may, out of money received by the Manager in respect of the management of the Land and the BuildingDevelopment, 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 approved or determined from time to time by a resolution of the Owners’ Committee (if the same has been establishedany).
(f) The retention of a reasonable amount of money under Clause 6.2(e) above or the payment of that amount into a current account in accordance with Clause 6.2(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 the same has been establishedany).
(g) Any reference in this Clause 6.2 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 of the Laws of Hong KongCap.155), the title of which refers to the management of the Land and the BuildingDevelopment.
(h) The Manager shall maintain proper books or records of account and other financial records of all receipts and all payments made to and all expenditure incurred by the Manager in the exercise of its powers and duties hereunder and shall keep all bills, invoices, vouchers, receipts and other documents referred to in those books and records for at least six (6) years. In addition, within one (1) month after each consecutive period of three (3) months, or such shorter period as the Manager may select, the Manager shall prepare a summary of income and expenditure and a balance sheet in respect of that period, display a copy of the summary of income and expenditure and balance sheet in a prominent place in the Building Development and cause it to remain so displayed for at least seven (7) consecutive days.
Appears in 1 contract
