Clause 7

by deleting paragraph (a) of subsection (1) and substituting the following paragraph:“(a)the subsidiary proprietors of the lots with not less than 90% of the share values and not less than 90% of the total area of all the lots (excluding the area of any accessory lot) as shown in the subsidiary strata certificates of title 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 strata title plan 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 strata title plan, whichever is the later; or”;

by deleting paragraph (b) of subsection (1) and substituting the following paragraph:“(b)the subsidiary proprietors of the lots with not less than 80% of the share values and not less than 80% of the total area of all the lots (excluding the area of any accessory lot) as shown in the subsidiary strata certificates of title 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 strata title plan 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 strata title plan, whichever is the later,”;

by inserting, immediately after subsection (1), the following subsection:“(1A) For the purposes of a collective sale under this section and before the signing of the collective sale agreement by any subsidiary proprietor —

there shall be constituted a collective sale committee to act jointly on behalf of the subsidiary proprietors of the lots whose members shall be elected by the subsidiary proprietors of the lots at a general meeting of the management corporation convened in accordance with the Second Schedule; and

the Third Schedule shall have effect as respects the collective sale committee, its composition, constitution, members and proceedings.”;

by deleting the words “among themselves” in subsection (2) and substituting the words “the collective sale committee referred to in subsection (1A)”;

by deleting subsection (3) and substituting the following subsection:“(3) Subject to subsection (7C), no application may be made under subsection (1) by the subsidiary proprietors referred to in that subsection unless they have complied with the requirements specified in the First, Second and Third Schedules and have provided an undertaking to pay the costs of the Board under subsection (5).”;

by deleting the word “Schedule” in subsection (4) and substituting the words “First Schedule”;

by deleting the word “and” at the end of subsection (5)(a);

by deleting the full-stop at the end of paragraph (b) of subsection (5) and substituting the word “; and”, and by inserting immediately thereafter the following paragraph:“(c)to impose such conditions as it may think fair and reasonable in approving an application under subsection (1).”;

by inserting, immediately after subsection (7), the following subsections:“(7A) An order made under subsection (7) by the Board may, with the consent of the collective sale committee, include an order that the proceeds of sale for any lot to be received by an objector, being a subsidiary proprietor who has filed an objection under subsection (4), be increased if the Board is satisfied that it would be just and equitable to do so.(7B) The total sum ordered by the Board for all the objectors under subsection (7A) shall be paid from the proceeds of sale of all the subsidiary proprietors and shall not exceed the aggregate sum of 0.25% of the proceeds of sale for each lot or $2,000 for each lot, whichever is the higher.(7C) A Board shall not invalidate an application to the Board for an order under subsection (1) or section 84D(2), 84E(3) or 84FA(1) by reason only of non-compliance with any requirement in the First, Second or Third Schedule if the Board is satisfied that such non-compliance does not prejudice the interest of any person, and the Board may make such order as may be necessary to rectify the non-compliance and such order for costs.”;

by deleting the words “any deduction allowed by the Board” in subsection (8)(a) and substituting the words “such deduction as the Board may allow (including all or any of the deductions specified in the Fourth Schedule)”;

by deleting the full-stop at the end of paragraph (b) of subsection (8) and substituting the word “; and”, and by inserting immediately thereafter the following paragraph:“(c)shall not be taken to have incurred a financial loss by reason that the proceeds of sale for his lot, after such deduction as the Board may allow (including all or any of the deductions specified in the Fourth Schedule), are less than the price he paid for his lot if he had purchased the lot after a collective sale committee had signed a sale and purchase agreement to sell all the lots and common property to a purchaser.”;

by deleting subsection (9) and substituting the following subsection:“(9) The Board shall not approve an application made under subsection (1) —

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 lots and the common property in the strata title plan; (B)the method of distributing the proceeds of sale; and (C)the relationship of the purchaser to any of the subsidiary proprietors; or

the sale and purchase agreement would require any subsidiary proprietor who has not agreed in writing to the sale to be a party to any arrangement for the development of the lots and the common property in the strata title plan; or

if the collective sale committee does not consent to any order made by the Board under subsection (7A).”;

by deleting the word “Schedule” in subsection (13) and substituting the words “First Schedule”; and

by deleting the word “Schedule” in subsection (14) and substituting the words “First, Second, Third and Fourth Schedules”.