Strata Management Act 2013 · Updated to 8 Feb 2013 · Part V · Strata Management After Existence of
60. Maintenance account of the management corporation
Official textFrom Laws of Malaysia Online, unchanged
If the maintenance account in the name of the management corporation had not been earlier established under subsection 50(1), the management corporation shall open and maintain a maintenance account in the name of the management corporation, with a bank or financial institution.
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;
The maintenance account shall consist of all moneys specified in subsection 50(2), and all moneys in the maintenance account shall be used for the purposes specified in subsection 50(3).
Subject to section 52, for the purpose of establishing and maintaining the maintenance account, the management corporation may at a general meeting—
management corporation
“management corporation” means the management corporation which comes into existence under the Strata Titles Act 1985;
determine from time to time the amount to be raised for the purposes mentioned in subsection 50(3);
raise the amounts so determined by imposing Charges on the proprietors in proportion to the share units or provisional share units of their respective parcels or provisional blocks, and the management corporation may determine different rates of Charges to be paid in respect of parcels which are used for significantly different purposes and in respect of the provisional blocks; and
determine the amount of interest payable by a proprietor in respect of late payments which shall not exceed the rate of ten per cent per annum.
Any Charges imposed under subsection (3) in respect of a parcel shall be due and payable on the passing of a resolution to that effect by the management corporation and in accordance with the terms of that resolution, and may be recovered in the manner set out in section 78 from the proprietor of, or his successor-in-title to, the parcel, or the person for the time being receiving the rent of the parcel, whether as an agent or a trustee or a receiver, and who would receive the same if the parcel were let to a tenant.
Charges
“Charges” means any money collected to be deposited into the maintenance account;
Strata Management 79
Any Charges imposed under subsection (3) in respect of a provisional block shall be due and payable on the passing of a resolution to that effect by the management corporation and in accordance with the terms of that resolution, and may be recovered in the manner set out in section 78 from the proprietor of the provisional block or, where the building to which the provisional block relates has been subdivided, from the proprietors of the parcels in the building, or their successors-in-title, in proportion to the share units of their respective parcels.
provisional block
“provisional block” has the meaning assigned to it in section 4 of the Strata Titles Act 1985;
For the purposes of subsection (5), “proprietor” includes a purchaser to be duly registered as a proprietor.
proprietor
“proprietor” has the meaning assigned to it in section 4 of the Strata Titles Act 1985;
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;
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;
management corporation
Defined · s 2“management corporation” means the management corporation which comes into existence under the Strata Titles Act 1985;
proprietor
Defined · s 2“proprietor” has the meaning assigned to it in section 4 of the Strata Titles Act 1985;
provisional block
Defined · s 2“provisional block” has the meaning assigned to it in section 4 of the Strata Titles Act 1985;
provisional share units
Defined · s 2“provisional share units” has the meaning assigned to it in section 4 of the Strata Titles Act 1985;
purchaser
Defined · s 2“purchaser” means the purchaser of a parcel and includes any person or body who has acquired an interest as a purchaser in the parcel or any person or body for the time being registered as a parcel owner in the register of parcel owners under subsection 30(1);
share units
Defined · s 2“share units” has the meaning assigned to it in section 4 of the Strata Titles Act 1985;
Chapter 6
Part VI
Part VII
Part VIII
Insurances
Part IX
Disputes and Strata Management Tribunal
Part X
Part XI