Malaysia legislation
Section 28
of Act 663
Section 28
Powers and duties of managing agent
(2)
Subject to the general direction of the Commissioner, the managing agent appointed shall perform the duties and exercise the powers with regard to the maintenance and management of the building as if he was acting as the developer or the Body.
(3)
It shall be the duty of a managing agent to pay all moneys received by him in his capacity as managing agent into the Building
Maintenance Account or Building Maintenance Fund of that building within two working days of receiving the moneys.
(4)
As soon as practicable after his appointment, but in any case not later than one month after his appointment, a managing agent shall prepare and submit to the Commissioner a statement showing as at the date of his appointment—
(a)
the moneys standing to the credit of the Building
Maintenance Account or Building Maintenance Fund;
Building and Common Property
(Maintenance and Management)
(b)
the amounts due and owing by the purchasers which are due to be paid to the Building Maintenance Account or
Building Maintenance Fund;
(c)
any income derived from the common property of the building which is due to be paid to the Building
Maintenance Account or Building Maintenance Fund;
(d)
any sum accrued for the maintenance and management of the building, which is authorized to be paid out of the
Building Maintenance Account or Building Maintenance
Fund; and which remains unpaid.
(5)
A managing agent who contravenes subsection (3) or (4)
commits an offence and shall, on conviction, be liable to a fine not exceeding one hundred thousand ringgit or to imprisonment for a term not exceeding two years or to both.
Developer not to be relieved of his obligations to carry out repairs, etc.