50. Developer to establish maintenance account in the name of management corporation

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

if vacant possession of a parcel is delivered after the commencement of this Act and after the management corporation came into existence, at any time before the delivery of vacant possession; or

if vacant possession of a parcel is delivered after the commencement of this Act and before the management corporation comes into existence and if no joint management body is established under subsection 17(1), within fourteen days from the date the management corporation comes into existence, but in any case, before the Charges are collected from the proprietors of any parcel in the development area.

all Charges paid by the proprietors to the management corporation;

all or any part of the Charges imposed by or payable to the management corporation under this Act;

all moneys derived from the sale, disposal, lease or hire of, or any other dealing with any property, mortgages, charges or debentures vested in or acquired by the management corporation;

all other moneys and property which may in any manner become payable to or vested in the management corporation in respect of any matter incidental to its functions and powers; and

all other moneys lawfully received by the management corporation, including interest, donation and trust.

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 or any other insurance approved by a special resolution in a general meeting;

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, Drainage and Building Act 1974;

minor painting on the 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 management corporation under this Act;

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

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

paying for the allowances and other expenses of the members of the management committee according to such rates as may be approved by the Commissioner;

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 management corporation in the performance of its functions and the exercise of its power 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.