10. Developer to establish maintenance account

if vacant possession of a parcel was delivered before the commencement of this Act, on the date of the commencement of this Act; or

if vacant possession of a parcel is delivered after the commencement of this Act, at any time before the delivery of vacant possession, but in any case, before the Charges are collected from the purchaser of any parcel in the development area.

the Charges received by the developer from the purchasers in the development area; and

the Charges to be paid by the developer in respect of those parcels in the development area which have not been sold, and all such moneys shall be deposited into the maintenance account within three working days of receiving the moneys.

not form part of the property of the developer;

be held in trust for the purchasers; and

only be used by the developer solely for the purpose of meeting the actual or expected general or regular expenditure necessary in respect of the following matters:

maintaining the common property in good condition on a day-to-day basis;

paying for the expenses incurred in providing cleaning services for the common property, security services and amenities for the occupiers of the building;

paying any premiums for the insurance effected under this Act;

complying with any notice or order given or made by the local authority in respect of periodical inspection of any building in the development area in the manner as specified in the Street,

minor painting work on premises of the common property;

carrying out inspection of all electrical wiring systems of the common property and replacing or repairing any faulty wiring system, if any;

carrying out inspection, maintenance and repair of the main water tanks;

paying rent and rates, if any;

paying any fee incurred for the auditing of the accounts required to be maintained by the developer under this Act;

paying all charges reasonably incurred for the administration of the accounts required to be maintained by the developer under this Act as may be determined by the Commissioner;

paying the remuneration or fees for the managing agent appointed under Part VI;

paying any expenses, costs or expenditure in relation to the procurement of services, including the engagement of consultants, legal fees or costs and other fees and costs, properly incurred or accepted by the developer in the performance of its functions and the exercise of its powers under this Act; or

meeting other expenses of a general or regular nature relating to the maintenance and management of the building or land intended for subdivision into parcels and the common property.

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

the developer, being a company, goes into voluntary or compulsory liquidation, the moneys in the maintenance account shall vest in the administrator, official receiver, trustee in bankruptcy or liquidator, as the case may be, to be applied for all or any of the purposes for which moneys in the maintenance account are authorized to be applied under this Act.