Which part of sentence word related?

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Ordinarily, only the second. It's a question of how tenses are operated in 'legal English;' the use of the modal with the 'have' auxiliary in 'may have' indicates that we are talking about the past, but it isn't known whether something has happened, while the second 'may' is the more familiar usage, indicating the future. This is strengthened by the use of a 'textual future' marker, "hereunder," which suggests something 'later' in the text.

Of course, all this assumes the text is rigorously drafted!