"I am a BLOGGER NOT an expert. This is a BLOG not a 'go-to' website for official information. I represent no one's view save my own. I have neither legal nor financial training, nor do I have anything to do with the real estate industry. My understanding of the Collective Sale Process is from a layman's position only. My calculations, computations and tables are homespun and may contain errors. Please note that nothing in this blog constitutes any legal or financial advice to anyone reading it. You should refer to your lawyer, CSC or financial adviser for expert advice before making any decision. This disclaimer is applicable to every post and comment on the blog. Read at your own risk."
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There is one thing worse than an Enbloc ----- and that is an Enbloc done badly. Since the majority have the necessary mandate to sell, then they owe it to all SPs to make a success of it. Minority SPs can only watch and wait, if they sell then lets pray it's at a price we can move on with, if they don't sell, then we are happy to stay for a few more years.

Powers, Duties or Functions of the Sale Committee

Second Schedule:
(4) A motion for the constitution of a collective sale committee and its powers, duties or functions shall be decided by ordinary resolution passed at the general meeting.

Control over the process was supposedly given to us by the amendments in 2010.

"The real point is that owners are free to adopt these measures if they think they are suitable for their particular circumstances.  Thus, the ultimate choice is with the owners themselves on how the sale should be conducted.

 Owners have the ultimate say.  They can ask for what they think is necessary, for the process, or for them to participate in the process.

At the end of the day owners are making choices with respect to their properties which involve millions of dollars. You expect them to know what they want, and what sort of safeguards they wish.  Our task is to prescribe certain minimum standards of conduct and to make sure that the whole process is fair, transparent and refine it as we go along, as we are doing now."
The Minister of Law, Mr K Shanmugam, Order for Second Reading of Land Titles (Strata) (Amendment) Bill, 2010 and Oral Answers to Members Questions

As was seen in TC during the second en bloc attempt, only the first half of the resolution was employed (no powers duties or functions were ever discussed or voted on by the owners).  Instead, the sale committee was simply voted in and left to select their own powers and functions  - or should I say, the enbloc lawyer laid them down in the CSA in the usual like it or lump it way.

Not good.

If the owners do not set the powers or functions of the sale committee, then the only power you will have left is your pen and your power to either sign or not sign.

Think out of the box. Think the Gilstead way.
Follow their lead, employ their templates.

BTW, The duties of the sale committee  are laid out in the Horizon Towers Appelate Court Decision .
The duties of an SC

134      Having regard to our earlier analysis, the duties of an SC include (but are not limited to): (a) the duty of loyalty or fidelity; (b) the duty of even-handedness; (c) the duty to avoid any conflict of interest; (d) the duty to make full disclosure of relevant information; and (e) the duty to act with conscientiousness. As, under s 84A(9)(a)(i) of the LTSA, the price of the collective sale is an ingredient of good faith in the transaction, the SC must act with conscientiousness to obtain the best price reasonably obtainable for the property – in short, to behave as a prudent owner would. We will now give our views on what these duties entail.

All old comments  from TC enbloc Rd 2 have been removed

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