Strata Management Act 2013 · Updated to 8 Feb 2013 · Chapter 3
Section 24
Official textFrom Laws of Malaysia Online, unchanged
A joint management body shall open and maintain a sinking fund account with a bank or financial institution, into which shall be deposited all balances of moneys in the sinking
joint management body
“joint management body” means the body established under section 17;
fund account transferred by the developer to the joint management body under paragraph 15(1)(a), and all contributions to the sinking fund paid by the parcel owners to the joint management body.
The sinking fund account shall be used solely for the purposes of meeting the actual or expected capital expenditure in respect of the following matters:
sinking fund account
“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;
the painting or repainting of any part of the common property;
the acquisition of any movable property for use in relation to the common property;
the renewal or replacement of any fixture or fitting comprised in any common property;
the upgrading and refurbishment of the common property;
or
any other capital expenditure as the joint management body deems necessary.
Parcel owners to pay Charges, and contribution to the sinking fund, to the joint management body
Terms defined in s 2
bank or financial institution
Defined · s 2“bank or financial institution” means a bank or financial institution licensed under the Banking and Financial Institutions Act 1989 or the Islamic Banking Act 1983, or regulated by the Central Bank under any written law;
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;
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 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