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Automatic transfer of membership of management company on sale of apartment.
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66.— (1) Where ownership of an apartment in a designated apartment complex is transferred, whether by conveyance, transfer, assignment, by operation of law or otherwise, membership of the management company which arises by virtue of ownership of the apartment shall, notwithstanding any provision to the contrary in the Companies Acts or other enactment, on such transfer stand transferred to the person becoming entitled to the interest in the apartment concerned without the need to execute a transfer or have it approved by the directors of the company, and such person shall—
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(a) be entitled to exercise the powers, rights and entitlement of a member in the company concerned, and
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(b) subject to subsection (3), be obliged to perform all the obligations (including the payment of the apartment complex service charge, the charge in respect of the sinking fund contribution and any other charges) pertaining to the membership of the company concerned.
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(2) Notwithstanding subsection (1) a management company shall take all steps necessary to ensure—
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(a) that the share certificate or membership certificate, as appropriate, is issued to the member concerned as soon as practicable following notification of the change of ownership of an apartment,
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(b) that the register of members of the company is altered accordingly, and
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(c) that there is compliance with all other relevant requirements under the Companies Acts.
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(3) This section is without prejudice to the rights, entitlements and obligations of any person to whom an apartment in a designated apartment complex was sold under section 90 of the Principal Act, whether before or after the coming into operation of this Part including a person in whom there subsequently becomes vested the interest of such person or his or her successor in title and the personal representative of that person or successor in title.
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