Malaysia legislation
Section 12
Section 12
(2)
The developer shall pay the Charges, and contribution to the sinking fund, in respect of those parcels in the development area which have not been sold, being a sum equivalent to the
Charges, and contribution to the sinking fund, payable by the purchasers to the developer had the parcels been sold.
(3)
The amount of the Charges to be paid under subsections
(1)
and (2) shall be determined by the developer in proportion to the allocated share units of each parcel.
(4)
The amount of contribution to the sinking fund to be paid under subsections (1) and (2) shall be a sum equivalent to ten per cent of the Charges.
(5)
The purchaser shall, within fourteen days of receiving a notice from the developer, pay the Charges, and contribution to the sinking fund, to the developer and if any sum remains unpaid by the purchaser in respect of his parcel at the expiry of the period of fourteen days, the developer may recover the sum in the manner set out in section 34.
(6)
If any sum remains unpaid by the purchaser in respect of his parcel at the expiry of the period of fourteen days specified in subsection (5), the purchaser shall pay interest at the rate of ten per cent per annum on a daily basis.
Act 757
(7)
Any purchaser who is not satisfied with the sums determined by the developer under subsection (3) or (4) may apply to the
Commissioner for a review and the Commissioner may—
(a)
determine the sum to be paid as the Charges, or contribution to the sinking fund; or
(b)
instruct the developer to appoint, at the developer’s own cost and expense, a registered property manager to recommend the sum payable as the Charges, or contribution to the sinking fund, and submit a copy of the registered property manager’s report to the Commissioner.
(8)
Upon receiving the report under paragraph (7)(b), the
Commissioner shall determine the sum payable as he thinks just and reasonable, and any sum so determined by the Commissioner shall be deemed to be the sum payable as the Charges, or contribution to the sinking fund.
(9)
Any developer who fails to comply with subsection (2)
commits an offence and shall, on conviction, be liable to a fine not exceeding twenty thousand ringgit or to imprisonment for a term not exceeding three years or to both and, in the case of a continuing offence, to a further fine not exceeding five thousand ringgit for every day or part thereof during which the offence continues after conviction.
Prohibition on collection of moneys before accounts are opened