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Management Company Operating Agreement

Management Company Operating Agreement Template for Ireland

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Key Requirements PROMPT example:

Management Company Operating Agreement

"I need a Management Company Operating Agreement for a new 50-unit residential development in Dublin, scheduled for completion in March 2025, with specific provisions for shared leisure facilities including a gym and swimming pool."

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Document background
The Management Company Operating Agreement is a crucial document used in Ireland when establishing and operating a property management company, particularly for multi-unit developments and managed properties. This agreement is essential for compliance with Irish company law, specifically the Companies Act 2014 and the Multi-Unit Developments Act 2011. It provides the fundamental framework for company operations, defining the relationships between shareholders (typically property owners), directors, and other stakeholders. The document covers critical aspects such as governance structure, service charge management, maintenance responsibilities, decision-making processes, and dispute resolution mechanisms. It's particularly important for new developments or when restructuring existing management companies, ensuring proper corporate governance and effective property management while protecting the interests of all parties involved.
Suggested Sections

1. Parties: Identification of the Management Company and all initial members/shareholders

2. Background: Context of the agreement's formation and the property development being managed

3. Definitions and Interpretation: Definitions of key terms used throughout the agreement and rules of interpretation

4. Company Formation and Purpose: Details of company establishment, registration, and primary objectives

5. Share Capital and Members: Structure of share capital, classes of shares, and membership rights

6. Management and Administration: Governance structure, appointment of directors, and decision-making processes

7. Members' Meetings: Procedures for general meetings, voting rights, and quorum requirements

8. Directors and Officers: Appointment, removal, and duties of directors and officers

9. Service Charges and Funding: Calculation and collection of service charges, budget setting, and financial management

10. Property Management: Maintenance responsibilities, common areas management, and service provision

11. Insurance and Risk Management: Required insurance coverage and risk management procedures

12. Transfer of Shares: Rules and restrictions on share transfers and membership changes

13. Dispute Resolution: Procedures for resolving disputes between members or with the company

14. Amendment and Termination: Processes for modifying the agreement and company dissolution procedures

15. General Provisions: Miscellaneous legal provisions including notices, governing law, and severability

Optional Sections

1. Development Phase Provisions: Special provisions applicable during the initial development phase, used when the development is not yet complete

2. Commercial Units Management: Specific provisions for developments with commercial units, including special charging arrangements

3. Parking Management: Detailed parking allocation and management rules, needed for developments with parking facilities

4. Leisure Facilities: Management of shared leisure facilities, applicable for developments with gyms, pools, etc.

5. Environmental Management: Special provisions for green energy, waste management, and sustainability initiatives

6. Security Services: Provisions for security personnel and systems, relevant for larger developments

7. Mixed-Use Development Provisions: Special provisions for developments combining residential and commercial use

Suggested Schedules

1. Schedule 1 - Property Description: Detailed description of the development including plans and common areas

2. Schedule 2 - Initial Members: List of founding members and their respective shareholdings

3. Schedule 3 - Service Charge Budget: Template annual budget and service charge calculation methodology

4. Schedule 4 - House Rules: Detailed rules and regulations for property use and maintenance

5. Schedule 5 - Maintenance Standards: Specified standards for property maintenance and service delivery

6. Schedule 6 - Insurance Requirements: Detailed insurance requirements and minimum coverage levels

7. Schedule 7 - Voting Rights: Detailed voting procedures and weighted voting rights if applicable

8. Appendix A - Articles of Association: Company's Articles of Association as registered with CRO

9. Appendix B - Forms and Notices: Standard forms for various company procedures and notices

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions









































Clauses


































Relevant Industries

Real Estate

Property Management

Residential Property

Commercial Property

Corporate Services

Facility Management

Property Development

Legal Services

Relevant Teams

Legal

Property Management

Operations

Facilities Management

Corporate Governance

Compliance

Real Estate

Administration

Finance

Asset Management

Relevant Roles

Property Manager

Facility Manager

Company Director

Company Secretary

Legal Counsel

Corporate Lawyer

Real Estate Manager

Operations Director

Managing Director

Compliance Officer

Property Services Manager

Development Manager

Asset Manager

Building Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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