Strata Management Act 2013 · Updated to 8 Feb 2013 · Chapter 2
14. Duties of developer in relation to accounts
Official textFrom Laws of Malaysia Online, unchanged
A developer shall, in respect of the maintenance account and the sinking fund account—
maintenance account
“maintenance account” means an account required to be opened and maintained by a developer, joint management body, management corporation or subsidiary management corporation under section 10, 23, 50, 60 or 66, as the case may be;
cause to be prepared such accounts and records of accounts as will sufficiently explain the transactions of the accounts and enable true and fair balance sheet, income and expenditure statement and profit and loss statement to be prepared for the period starting from the commencement of the developer’s management period;
appoint an approved company auditor to carry out the audit of the accounts annually and the accounts shall be—
in the case where moneys are to be transferred under paragraph 15(1)(a), audited up to the date of the actual transfer; and
in the case where the accounts are to be presented at the first annual general meeting of the joint management body, audited up to a date not earlier than three months before the meeting;
file with the Commissioner a certified true copy of the audited accounts together with the auditor’s report within fourteen days of the accounts being audited; and
permit the Commissioner or any person authorized by the
Commissioner in writing to act on its behalf full and free access to the accounts and records of accounts and to make copies or extracts of such accounts and records of accounts.
Notwithstanding subsection (1), the Commissioner shall have, at any time, the right to appoint an approved company auditor to investigate the accounts and records of accounts specified in subsection (1), and the developer shall pay all the expenses incurred for that purpose.
Commissioner
“Commissioner” means the Commissioner of Buildings appointed under subsection 4(1), and includes any Deputy Commissioner and other officers appointed under subsection 4(1) to exercise the powers or perform the duties imposed on the Commissioner;
The developer shall furnish to the Commissioner or any public authority such returns, reports, accounts and information with respect to its activities and finances as the Commissioner may, from time to time, require or direct.
The returns, reports, accounts and information referred to in subsection (3) shall be in such form as the Commissioner may, from time to time, specify.
Any developer who fails to comply with subsection (1),
, (3) or (4) 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.
Terms defined in s 2
approved company auditor
Defined · s 2“approved company auditor” has the meaning assigned to it in the Companies Act 1965;
Commissioner
Defined · s 2“Commissioner” means the Commissioner of Buildings appointed under subsection 4(1), and includes any Deputy Commissioner and other officers appointed under subsection 4(1) to exercise the powers or perform the duties imposed on the Commissioner;
joint management body
Defined · s 2“joint management body” means the body established under section 17;
maintenance account
Defined · s 2“maintenance account” means an account required to be opened and maintained by a developer, joint management body, management corporation or subsidiary management corporation under section 10, 23, 50, 60 or 66, as the case may be;
sinking fund account
Defined · s 2“sinking fund account” means an account required to be opened and maintained by a developer, joint management body, management corporation or subsidiary management corporation under section 11, 24, 51, 61 or 67, as the case may be;
Chapter 3
Chapter 4
Chapter 5
Part V
Strata Management After Existence of
Chapter 6
Part VI
Part VII
Part VIII
Insurances
Part IX
Disputes and Strata Management Tribunal
Part X
Part XI