Section 8
of Housing Developers Project Account Rules 1995
Section 8
(1)
No monies from the Project Account of a housing development shall be withdrawn by a licensed housing developer except where the withdrawal of such money is supported by an evaluation by the quantity surveyor and a certificate from the architect or engineer in charge of the housing development stating that payment is due to be made for that purpose or where such request is supported by documents duly certified by the director, proprietor, partner or office-bearer, as the case may be, of the licensed housing developer’s company requesting the payment.
(2)
The withdrawal of money from the Project Account of a housing development by a licensed housing developer shall be made in the following manner:
(a)
in respect of purposes rule 7 (a), (b) and (m), by cheque drawn in favour of the licensed housing developer; and
(b)
in respect of all other purposes in rule 7, by a cheque drawn in favour of the respective recipient.
Withdrawal of surplus monies from Project Account.