Strata Management Act 2013 · Updated to 8 Feb 2013 · Chapter 2
16. Balances not transferred shall vest in joint management body
Official textFrom Laws of Malaysia Online, unchanged
If any balance of moneys in the maintenance account and in the sinking fund account has not been transferred by the developer under paragraph 15(1)(a), the moneys shall vest in the joint management body on the date of the expiry of the developer’s management period.
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;
Any right, power or remedy granted to the developer under this Part in respect of the Charges, contribution to the sinking fund, and any other assets of the maintenance account and the sinking fund account, shall vest in the joint management body on the date of the expiry of the developer’s management period, and the joint management body shall have the same right, power or remedy as if it had at all times been a right, power or
Charges
“Charges” means any money collected to be deposited into the maintenance account;
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remedy of the joint management body, including those rights in respect of any legal proceedings or applications to any authority by the developer pending immediately before the expiry of the developer’s management period.
joint management body
“joint management body” means the body established under section 17;
Any judgment or award of any arbitral or other tribunal obtained by a developer in respect of the Charges, contribution to the sinking fund and any other assets of the maintenance account and the sinking fund account, and not fully satisfied before the expiry of the developer’s management period shall be enforceable by the joint management body.
award
“award” means a decision of the Tribunal on the substance of the dispute and includes any order on costs or interest but does not include any interlocutory order;
Terms defined in this Act
award
Defined · s 101“award” means a decision of the Tribunal on the substance of the dispute and includes any order on costs or interest but does not include any interlocutory order;
Charges
Defined · s 2“Charges” means any money collected to be deposited into the maintenance account;
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;
Tribunal
Defined · s 2“Tribunal” means the Strata Management Tribunal established under Part IX;
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