Clause 10

by deleting paragraph (a) of subsection (2) and substituting the following paragraph:“(a)the proprietors of the flats who own not less than 90% share of the land and not less than 90% of the total area of all the flats where less than 10 years have passed since the date of the issue of the latest Temporary Occupation Permit on completion of any building (not being any common property) comprised in the development or, if no Temporary Occupation Permit was issued, the date of the issue of the latest Certificate of Statutory Completion for any building (not being any common property) comprised in the development, whichever is the later; or”;

by deleting paragraph (b) of subsection (2) and substituting the following paragraph:“(b)the proprietors of the flats who own not less than 80% share of the land and not less than 80% of the total area of all the flats where 10 years or more have passed since the date of the issue of the latest Temporary Occupation Permit on completion of any building (not being any common property) comprised in the development or, if no Temporary Occupation Permit was issued, the date of the issue of the latest Certificate of Statutory Completion for any building (not being any common property) comprised in the development, whichever is the later,”;

by deleting the word “Schedule” in subsection (3) and substituting the words “First Schedule”;

by inserting, immediately after subsection (5), the following subsections:“(5A) An order made under subsection (5) by the Board may, with the consent of the collective sale committee, include an order that the proceeds of sale for any flat to be received by an objector, being a proprietor who has filed an objection under subsection (3), be increased if the Board is satisfied that it would be just and equitable to do so.(5B) The total sum ordered by the Board for all the objectors under subsection (5A) shall be paid from the proceeds of sale of all the proprietors and shall not exceed the aggregate sum of 0.25% of the proceeds of sale for each flat or $2,000 for each flat, whichever is the higher.”;

by deleting subsection (7) and substituting the following subsection:“(7) The Board shall not approve an application made under subsection (2) —

if the Board is satisfied that —

the transaction is not in good faith after taking into account only the following factors:

the sale price for the flats and the land in the development;

the method of distributing the proceeds of sale; and

the relationship of the purchaser to any of the proprietors; or

the sale and purchase agreement would require any proprietor who has not agreed in writing to the sale to be a party to any arrangement for the development of the flats and the land in the development; or

if the collective sale committee does not consent to any order made by the Board under subsection (5A).”;

by deleting the words “84A(2), (3), (5), (11), (12) and (13), 84B and 84C” in subsection (9) and substituting the words “84A(1A), (2), (3), (5), (7C), (11), (12) and (13), 84B and 84C and the Second and Third Schedules”; and

by inserting, immediately after subsection (9), the following subsection:“(9A) In the application of section 84A(1A) and the Second and Third Schedules to any development to which this section applies, any reference to a management corporation shall be read as a reference to the proprietors of the flats.”.