There are many new rules set out in MUD Bill
4. All Directors have their names and confirmation of any service charges outstanding, under the MUD act no owner with outstanding service charges can serve as a director
P.S. This report is still available out there in the GoogleFrom Page 10 of the Report on Apartment Management by Evelyn Hanlon.
[FONT="]Example 1[/FONT]
[FONT="]Lease signed 2005 in respect of Management Company (A) D17, (GH) a large complex consisting of houses and apartments in D17 [/FONT]
[FONT="]Clause H. Membership of the Management Company[/FONT]
The Lessee will become a member of the Management Company on completion of the sale of the Lessor’s estate right and title in the Estate pursuant to the Management Company Agreement.
[FONT="]The effect of Clause H in this lease is that the owners are not full members of the company until vesting takes place. Since they are not members they cannot attend the AGM and are not entitled to become directors. One of the owners approached the ODCE as no AGM was held only to find out that he was not a full member.[/FONT]
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