Strata Management Act 2013 · Updated to 8 Feb 2013 · Part V · Strata Management After Existence of
61. Sinking fund account of the management corporation
Official textFrom Laws of Malaysia Online, unchanged
If the sinking fund account in the name of the management corporation had not been earlier established under subsection 51(1), the management corporation shall open and maintain a sinking fund account with a bank or financial institution, into which shall be deposited the contribution to the sinking fund paid by the proprietors.
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 contribution to the sinking fund shall be used solely for the purposes specified in subsection 51(2).
Subject to section 52, for the purpose of establishing and maintaining the sinking fund account, the amount to be paid by the proprietors of the parcels or provisional blocks shall be a sum equivalent to ten per cent of the Charges imposed under subsection 60(3), unless otherwise determined from time to time at a general meeting of the management corporation, but such contribution to the sinking fund shall not be less than ten per cent of the Charges.
Charges
“Charges” means any money collected to be deposited into the maintenance account;
Any contribution to the sinking fund 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 a 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.
management corporation
“management corporation” means the management corporation which comes into existence under the Strata Titles Act 1985;
Any contribution to the sinking fund 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;
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;
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;
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 6
Part VI
Part VII
Part VIII
Insurances
Part IX
Disputes and Strata Management Tribunal
Part X
Part XI