9.11 The Hotel Operating Agreement allows the Carlton Savannah Owners’ Association to terminate the Carlton Savannah Hotel Operating Agreement upon any of the following occurrences:
(i) upon the confirmation by the independent auditors of a collective fraudulent act by the directors of the Hotel Operating Company with respect to the proper and legal management and operation of the Hotel.
(ii) if following continuous losses for 6 months, confirmed by the independent auditors, and following a further 6 months during which the directors of the Hotel Operating Company have the opportunity to stop the continuation of losses, but fail to do so.
9.12 A decision of the Carlton Savannah Owners’ Association shall be based on an ordinary resolution supported by persons holding not less than 51% of the shares in the Owners’ Association voting in favour of the resolution. All owners, who have completed their purchase of an Apartment (or the Health Club & Spa) in the Hotel will hold one such share
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