Strata Management Act 2013 · s 51

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51.
Developer to establish sinking fund account in the name of management corporation
(1)	 At the same time when the developer is required to open and maintain the maintenance account under subsection 50(1), the developer shall open and maintain a sinking fund account in the name of the management corporation, with a bank or financial institution, into which shall be deposited the contribution to the sinking fund paid by the proprietors.
(2)	 The sinking fund account shall be used solely for the purposes of meeting the actual or expected capital expenditure necessary in respect of the following matters:
(a)	 the painting or repainting any part of the common property which is a building or other structure;
(b)	 the acquisition of any movable property for use in relation to the common property;
(c)	 the renewal or replacement of any fixtures or fittings comprised in any common property and any movable property vested in the management corporation;
(d)	 the upgrading and refurbishment of the common property;
and

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(e)	 any other capital expenditure as the management corporation deems necessary.
(3)	 Any developer who fails to comply with subsection (1) or
(2) commits an offence and shall, on conviction, be liable to a fine not exceeding two hundred and fifty thousand ringgit or to imprisonment for a term not exceeding three years or to both.

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s 51Developer to establish sinking fund account in the name of management corporation

(1)

At the same time when the developer is required to open and maintain the maintenance account under subsection 50(1), the developer shall open and maintain a sinking fund account in the name of the management corporation, with a bank or financial institution, into which shall be deposited the contribution to the sinking fund paid by the proprietors.

(2)

The sinking fund account shall be used solely for the purposes of meeting the actual or expected capital expenditure necessary in respect of the following matters:

(a)

the painting or repainting any part of the common property which is a building or other structure;

(b)

the acquisition of any movable property for use in relation to the common property;

(c)

the renewal or replacement of any fixtures or fittings comprised in any common property and any movable property vested in the management corporation;

(d)

the upgrading and refurbishment of the common property;

and

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(e)

any other capital expenditure as the management corporation deems necessary.

(3)

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

(2)

commits an offence and shall, on conviction, be liable to a fine not exceeding two hundred and fifty thousand ringgit or to imprisonment for a term not exceeding three years or to both.