Malaysia legislation
Section 7
Section 7
In addition to the liabilities and duties imposed in sections 8 and 9, a licensed housing developer shall —
(a)
within four weeks of the making of any alterations in or to any of the documents submitted to the Controller under subsection (3) of section 5, furnish to the
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Controller written particulars of the alterations;
(b)
make available at all times in any office and branch office of the licensed housing developer and at any other place where a sale of housing accommodation is conducted a copy of his licence, advertisement and sale permit and a copy of his last audited balance sheet as soon as the same is available and such information as the present or former full name, usual residential address, nationality, nationality of origin (where the present nationality is not that of origin), business or occupation (if any) of each person who has the control and management of the business of the licensed housing developer and particulars of any other directorship held by that person;
(c)
keep or cause to be kept in his office in the State such accounting and other records as will explain the transactions and the financial position of the licensed housing developer and enable true and fair profit and loss accounts and balance sheets and any documents required to be attached thereto to be prepared from time to time, and shall cause the records to be kept in such manner as to enable them to be conveniently and properly audited;
(d)
every year appoint an auditor or auditors in the manner required under section 9;
(e)
within three months after the close of the financial year of the licensed housing developer in question, send to the Controller a copy of the report of the auditor prepared under section 9 together with a copy of his balance sheet and profit and loss account;
(f)
not later than the 21st day of January and the 21st day of July of each year, send to the Controller a statement in such form and containing such information as the
Controller may from time to time determine, on the progress of the housing development which, the licensed housing developer is engaged in, carries on or undertakes or causes to be undertaken;
(g)
where he considers that he is likely to become unable to meet his obligations to the purchasers at any stage of the housing development before the issuance of the certificate of fitness for occupation, forthwith inform the Controller of such fact;
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(h)
undertake the following:
(i)
within twenty-one days from the date of receipt by the housing developer of the certificate of fitness for occupation, submit such certificate to the
Controller; and
(ii)
within twenty-one days after the date of handing over of vacant possession to the first purchaser of the housing accommodation in the housing development, inform the Controller in writing of the handing over;
(i)
inform the Controller of any refusal in the issuance of certificate of fitness for occupation;
(j)
ensure that the development of the housing accommodation has been carried out in accordance with any requirements prescribed under any law regulating buildings and has exercised all such diligence as may be required for the issuance of certificate of fitness for occupation and for the issuance and transfer of the titles to the housing accommodation to the purchasers; and
(k)
inform the Controller of the progress in the issuance of separate or subsidiary titles for the housing development and the distribution of the separate or subsidiary titles to the relevant legal firm to effect the transfer of such titles to the purchasers beginning from the date of the handing over of vacant possession to the first purchaser of the housing accommodation in the housing development until the separate or subsidiary titles for all the housing accommodation have been issued.
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