Section 19

(1)

All moneys in the Building Maintenance Account, notwithstanding any other written law to the contrary, shall not be deemed to form part of the property of the developer in the event—

(a)

the developer enters into any composition or arrangement with his creditors or has a receiving order or an adjudication order made against him; or

(b)

the developer, being a company, goes into voluntary or compulsory liquidation.

(2)

Upon the happening of any of the events referred to in subsection (1)—

(a)

the moneys in the Building Maintenance Account shall vest in the administrator, the official receiver, trustee in bankruptcy or liquidator, as the case may be, to be applied for all or any of the purposes for which monies in the Building Maintenance Account are authorized to be applied by this Act; and

(b)

any money remaining in the Building Maintenance Account, after all payments have been made pursuant to paragraph

(a)

, shall be held by the administrator.

(3)

Any balance of money referred to in paragraph (2)(b) shall be transferred into an account in the name of the Body.

Prohibition on collection of charges

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