Owners Corporation definition
Examples of Owners Corporation in a sentence
If any Owners' Corporation is formed under the provisions of the Building Management Ordinance (Cap.344), the Owners' Corporation shall be vested with all the rights, powers, duties and obligations for the control, management and administration of the Lot and the Development conferred by this Deed or any Sub-Deed on the Manager and subject to any provisions herein in extension or modification thereof.
Neither the Manager nor the Owners' Committee or the Owners' Corporation shall be held liable for any loss or damage however caused arising from any non- enforcement of the Development Rules or non-observance thereof by any third party.
The provisions contained in the Schedule 2 of the Building Management Ordinance (Cap.344) shall apply to the management committee of the Owners' Corporation following incorporation of the Owners thereunder which shall take the place of the Owners' Committee formed under this Deed and the provisions contained in the Schedule 3 of the Building Management Ordinance (Cap.344) shall apply to all general meetings of the Owners' Corporation which shall take the place of the Owners' meetings under this Deed.
Within 9 months of the execution of this Deed, the Manager shall convene a meeting of the Owners to establish an Owners' Committee and to elect a chairman thereof or to establish a management committee for the purpose of forming the Owners' Corporation under the Building Management Ordinance (Cap.344).
The first meeting of Owners shall be convened by the Manager as soon as possible but not later than 9 months from the date of this Deed, the business of which shall include the appointment of a chairman and the members of the Owners' Committee or the appointment of a management committee for the purpose of forming an Owners' Corporation under the Building Management Ordinance (Cap.344).