Section 53

a maintenance account and a sinking fund account have been opened in the name of the management corporation;

and

vacant possession of the parcel has been delivered to the proprietor.

Notwithstanding subsection (1), any developer of a development area which has been completed on or before the commencement of this Act and has, immediately before that date, been collecting moneys from the proprietors for the maintenance and management of any subdivided building or land and the

Strata Management 69

common property comprised in the development area, may continue to do so until the expiry of the preliminary management period, provided that all moneys shall be collected and dealt with by the developer in accordance with this Act.

Any person who fails to comply with subsection (1) or

commits an offence and shall, on conviction, be liable to a fine not exceeding two hundred and fifty thousand ringgit.

Duties of developer in relation to accounts