Long Title

Part I PRELIMINARY

Part II APPOINTMENT OF OFFICERS

Part III MAINTENANCE OF BUILDINGS

Part IV DEALINGS IN STRATA SUBDIVIDED BUILDINGS

Part V MANAGEMENT OF STRATA SUBDIVIDED BUILDINGS

Division 1 — Management by owner developer before management corporation constituted

Division 2 — Management corporations and common property

Division 3 — Councils

Division 4 — Subsidiary proprietors and occupiers

Division 5 — Managing agents

Division 6 — Insurance

Division 7 — Subsidiary management corporations and limited common property

Division 8 — Termination of strata scheme

Division 9 — Miscellaneous

Part VI DISPUTES AND STRATA TITLES BOARDS

Division 1 — Strata Titles Boards

Division 2 — Types of orders by Board

Division 3 — Miscellaneous

Part VII STAGED DEVELOPMENTS

Part VIII GENERAL

FIRST SCHEDULE General Meetings of Management Corporations and Subsidiary Management Corporations

SECOND SCHEDULE Proceedings of Councils and Executive Committees

THIRD SCHEDULE Consequential Amendments to Land Titles (Strata) Act (Chapter 158, 1999 Edition)

FOURTH SCHEDULE Transitional and Savings Provisions

FIFTH SCHEDULE Consequential Amendments to Other Written Laws

Legislative Source Key

Legislative History

Comparative Table

Management funds and sinking funds
38.
—(1)  A management corporation shall establish and maintain a fund as its management fund.
(2)  A management corporation shall pay into its management fund —
(a)
all moneys received by it in respect of contributions determined under section 39(1);
(b)
the proceeds of the sale or other disposal of any movable property of the management corporation;
(c)
any fee received by the management corporation under section 47;
(d)
any amount paid to the management corporation by way of discharge of insurance claims; and
(e)
interest received on any investment belonging to the management fund.
(3)  A management corporation shall not disburse any moneys from its management fund otherwise than for the purpose of —
(a)
meeting its liabilities referred to in section 39(1);
(b)
carrying out its powers, authorities, duties or functions under this Act; or
(c)
transferring moneys therein not required to meet the liabilities of the management fund to the sinking fund.
(4)  A management corporation shall also establish and maintain a fund as its sinking fund.
(5)  In addition to any moneys transferred under subsection (3)(c), a management corporation shall pay into its sinking fund —
(a)
all moneys received by it in respect of contributions determined under section 39(2);
(b)
any amount paid to the management corporation by way of discharge of insurance claims and not paid to the management fund;
(c)
all other amounts received by the management corporation and not paid or payable into the management fund; and
(d)
interest received on any investment belonging to the sinking fund.
(6)  A management corporation shall not disburse any moneys from its sinking fund otherwise than for the purpose of —
(a)
meeting its liabilities referred to in section 39(2); or
(b)
carrying out its powers, authorities, duties or functions under this Act.
(7)  A management corporation may only invest any moneys in its management fund or sinking fund in any manner permitted by law for the investment of trust funds.
(8)  A management corporation shall pay any moneys in its management fund or sinking fund that are not otherwise invested in accordance with subsection (7) into an account established with a financial institution in the name of the management corporation.
(9)  A management corporation may borrow moneys and secure the repayment thereof and of any interest in such manner as may be agreed upon by the management corporation and the lender, otherwise than by charging the repayment on the common property.
(9A)  No moneys in the management fund or sinking fund shall be used for any purpose of a collective sale of the property under Part VA of the Land Titles (Strata) Act (Cap. 158) other than for the purpose of convening any general meeting under the Second Schedule to that Act.
[46/2007]
(9B)  The moneys remaining in the management fund and sinking fund as at the date of the legal completion of a collective sale of the property in accordance with Part VA of the Land Titles (Strata) Act shall be returned as soon as practicable to the subsidiary proprietors of the lots in shares proportional to the contributions levied by the management corporation on the subsidiary proprietors in accordance with this Act.
[46/2007]
(10)  A management corporation shall —
(a)
cause proper books of account to be kept in respect of moneys received or expended by the management corporation showing the items in respect of which the moneys were received or expended; and
(b)
cause to be prepared, from the books referred to in paragraph (a), a proper statement of accounts of the management corporation in respect of each period commencing on the date the management corporation was constituted or the date up to which the last previous such statement was prepared and ending on a date not earlier than 4 months before each annual general meeting.
[LT(S)A, ss. 48(1) and (2), 50]