16. Developer to open and maintain Building Maintenance Account

(1)

The developer of any building or land intended for subdivision into parcels shall, before the delivery of vacant possession, open, in respect of the development area on which the building is erected, a Building Maintenance Account in the name of the development area with a bank or financial institution licensed under the Banking and Financial Institutions Act 1989

[Act 372] or regulated by the Central Bank under any other written law.

(2)

One Building Maintenance Account shall be opened for each development area.

(3)

Each Building Maintenance Account shall be maintained by the developer until the establishment of the Body for the building.

(4)

The developer shall not open and maintain a Building

Maintenance Account together with any other building outside the development area.

(5)

Where any dispute arises in respect of a Building Maintenance

Account, the Commissioner may resolve the dispute as he deems fit and just.

Duties of developer as to Building Maintenance Account

Report

Read on from s 17

Part V

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Part VI

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Part VII

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Part VIII

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