Management Company

The Management Company decides what services it will provide, for example cleaning or employing a management agent. The Management Company will use the money it gets from members to budget for items such as:

• ongoing maintenance of the common parts of the buildings and grounds

• future decorating or re-carpeting

• a ‘sinking fund’, for longer term or unforeseen expenses

The management company is also legally obliged to ensure that all leaseholders and tenants comply with the terms of the lease.

What is the difference between the Management Company and the Managing Agent?

The Management Company will usually employ a Managing Agent to help run the building. The management agent is typically expected to:

• send out maintenance charge invoices and ensure that they are paid

• keep the accounts

• enforce any rules and resolve day-to-day issues relating to the common areas

• Ensure that correct insurances are in place

• Advise and guide the Management Company regarding legal issues that may arise with regard to the management of Limehouse Cut

It is important to note that the Management Company of which you area shareholder of is ultimately responsible for maintaining the complex.

Rendall and Rittner (R&R), the current appointed Managing Agents, also have a website and portal login for Limehouse Cut residents where, once registered, residents may find similar useful information uploaded by the Agents together with current letters and documents recently sent to the properties. Residents may also note items for repair/replacement or concern. Currently a number, but not all of the 53 studios have signed up to this facility. The facilities have also been expanded to include the ability to pay service charges online, amongst other items. When the Managing Agents send requests for residents to sign up to the site, please do use this facility, as it will help in keeping residents informed and also register important information such as owners, tenants and lettings agents. If you have recently purchased a Studio or are a new tenant of the building, please contact the Managing Agents for further information – registration may be requested by emailing [e-mail]

MANAGEMENT COMPANY AND THE BOARD OF DIRECTORS

The Board of Directors is made up of fellow Leaseholders who are neighbours who have volunteered to give their time and effort for free to keep the building running within set budgets. They are also responsible for monitoring expenditure, in conjunction with the Managing Agent, to ensure that the building is run as effectively and as inexpensively as possible.

The Board of Directors (the "Board") of Limehouse Cut Management (567) Limited (the "Landlord") is the freehold owner of the property known as Blocks 5, 6 and 7 Limehouse Cut, Morris Road, London, E14 (the "Property"). The Board is made up of Leaseholders who have been proposed and elected by their fellow Leaseholders (usually at, but not limited to, the Annual General Meeting). The Board represents the rights and obligations of the Landlord. In addition to the Landlord's obligations to tenants (Leaseholders) it also has the responsibility for ensuring that all tenants (Leaseholders) comply with the terms of their leases. The Board is essential in acting on behalf of Leaseholders within the Management Company (Limehouse Cut Management (567) Limited setting) as Leaseholders would be likely to be subject to greater expenses and increased service charges if the freehold of the building were relinquished.

BOARD OF DIRECTORS AND GOVERNANCE

The Board’s aim isto provide good and effective and unbiased management of the Limehouse Cut Building and associated areas in accordance with the terms of the lease. Day to day activities are delegated to a Managing Agent.

Board members also undertake to research projects before handing them to the Managing Agents where their input is necessary. This reduces expense as the scope of a project is refined and can streamline an approach.

If you own a share in the freehold (as an owner/Leaseholder of one of the 53 Studios) and would like to consider joining the Board then please contact an existing Director or the current Managing Agent. Please also attend to the Annual General Meeting, which is open to all shareholders and is held once a year. The Management Agents will notify all lessees of each upcoming AGM not less that 10 working days before the date that it is scheduled.

Director Qualifications

The Company must have a majority of Directors who meet the criteria for "independence" established by Companies House. In order to qualify a Director as independent, the Board of Directors shall affirmatively determine that the Director has no material relationship with the Company (either directly or as a partner, stockholder or officer of an organisation that has a relationship with the Company) and may adopt categorical standards to assist in making decisions of independence.

Selection of New Directors

The Shareholders will recommend Directors. The Shareholders may consider the views of the Chairman and the existing Board of Directors in making recommendations.

Director Responsibilities

The responsibilities of Directors are to exercise their business judgment and act in what they reasonably believe to be in the best interests of the Company and its stockholders. In discharging that obligation, a Director is entitled to reasonably rely on the Company's officers and the Company's outside advisers and auditors. Directors are expected to attend Board meetings and meetings of committees on which they serve, and to spend the time needed and meet as frequently as necessary to properly discharge their responsibilities. Directors are expected to review in advance the meeting materials sent to them prior to each meeting. Directors are expected to act ethically at all times.. Directors are expected to make decisions in accordance with the terms of the lease.

Performance Evaluation

The Board will conduct periodic self-evaluations to determine whether it and its’ committees are functioning effectively. All Directors are free to make suggestions on improvement of the Board's practices at any time and are encouraged to do so. The Shareholders shall be responsible for reviewing with the Board, on an ongoing basis, the requisite skills and characteristics of prospective Board members as well as the composition of the Board as a whole.

Director Compensation

There is no compensation for the Directors. From time to time the Shareholders shall review the amount and form of compensation paid to Directors. Reasonable expenses incurred in the carrying out of duties may be reimbursed in consultation with the full Board.

Director Access to Management and Independent Advisors

Board members have complete access to the Company's management and its independent advisors. The Board and each committee has the power to hire independent legal, financial or other advisors as they may deem necessary, on obtaining a majority vote tabled at a Board meeting and minuted.