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Contents

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

 
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On 23/11/2014, you requested the version in force on 23/11/2014 incorporating all amendments published on or before 23/11/2014. The closest version currently available is that of 29/09/2014.
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Owner developer’s duties on constitution of management corporation
23.
—(1)  When a management corporation is constituted for any development, the owner developer of the development shall —
(a)
immediately open a bank account in the name of the management corporation and pay into that account all balances of moneys in the general maintenance fund established under section 16(2) for the maintenance of the subdivided building and the common property of that development;
(b)
cause to be prepared such accounts and other records as will sufficiently explain the transactions and financial position of the management corporation and enable true and fair profit and loss accounts and balance-sheets and any document required to be attached thereto to be prepared for the period starting from the date the management corporation is constituted for the development and ending on a date not earlier than 4 months before the first annual general meeting of the management corporation; and
(c)
cause the records referred to in paragraph (b) to be kept in such manner as to enable them to be conveniently and properly audited.
(2)  When a subsidiary management corporation is constituted for any development by the owner developer thereof, the owner developer shall also —
(a)
immediately open a bank account in the name of the subsidiary management corporation and pay into that account all balances of moneys in the special maintenance fund established under section 16(3) for the maintenance of the limited common property of that development;
(b)
cause to be prepared such accounts and other records as will sufficiently explain the transactions and financial position of the subsidiary management corporation and enable true and fair profit and loss accounts and balance-sheets and any document required to be attached thereto to be prepared for the period starting from the date the subsidiary management corporation is constituted for the development and ending on a date not earlier than 4 months before the first annual general meeting of the subsidiary management corporation; and
(c)
cause the records referred to in paragraph (b) to be kept in such manner as to enable them to be conveniently and properly audited.
(3)  An owner developer of a development shall exercise the powers and perform the duties of —
(a)
the council of a management corporation; and
(b)
where the development comprises any limited common property, the executive committee of the subsidiary management corporation,
from the time the management corporation or (as the case may be) subsidiary management corporation is constituted until a council of the management corporation or an executive committee of the subsidiary management corporation is elected at the first annual general meeting of the management corporation or subsidiary management corporation, as the case may be.
(4)  Within one week after the first annual general meeting of the management corporation or (as the case may be) subsidiary management corporation, the owner developer shall —
(a)
transfer control of the management corporation’s or (as the case may be) subsidiary management corporation’s money to its newly elected council or executive committee; and
(b)
deliver to that newly elected council or executive committee all keys and other means of access that the owner developer possesses for the purposes of exercising the powers and performing the duties of the council or executive committee, as the case may be.
(5)  For a period of 2 years following the transfer of control under subsection (4)(a), the owner developer shall —
(a)
keep all financial records that relate to the management corporation’s and (if any) subsidiary management corporation’s finances during the period before the transfer of control;
(b)
at the request of the management corporation or subsidiary management corporation, make any of the records referred to in paragraph (a) available for inspection free of charge by the management corporation or subsidiary management corporation, as the case may be; and
(c)
allow the management corporation or subsidiary management corporation, as the case may be, to copy or audit those records at its own expense.
(6)  Before the first annual general meeting of a management corporation, the owner developer shall appoint the auditor of the management corporation, and any auditor so appointed shall hold office until the conclusion of the first annual general meeting of the management corporation.
(7)  Before the first annual general meeting of a subsidiary management corporation after it is constituted (other than pursuant to a comprehensive resolution), the owner developer shall appoint the auditor of the subsidiary management corporation, and any auditor so appointed shall hold office until the conclusion of the first annual general meeting of the subsidiary management corporation.
[BCPA (repealed), s. 10(4); LT(S)A, ss. 34, 56(3), 3rd Sch. Para 14]