Strata Management Act 2013 · Updated to 8 Feb 2013 · Part V · Strata Management After Existence of
62. Duties of management corporation in relation to accounts
Official textFrom Laws of Malaysia Online, unchanged
A management corporation shall in respect of the maintenance account and the sinking fund account—
management corporation
“management corporation” means the management corporation which comes into existence under the Strata Titles Act 1985;
cause to be prepared such accounts and records of accounts as will sufficiently explain the transactions of the accounts and enable true and fair balance sheet, income and expenditure statement and profit and loss statement to be prepared for the period starting from commencement of the preliminary management period;
appoint an approved company auditor to carry out the audit of the accounts annually;
file with the Commissioner a certified true copy of the audited accounts together with the auditor’s report within fourteen days of the accounts being audited; and
permit the Commissioner or any person authorized by the Commissioner in writing to act on its behalf full and free access to the accounts and records of accounts and to make copies or extracts of those accounts and records of accounts.
Notwithstanding subsection (1), the Commissioner shall have the right to appoint an approved company auditor to investigate the accounts and records of accounts specified in subsection (1), and the management corporation shall pay all the expenses incurred for that purpose.
Commissioner
“Commissioner” means the Commissioner of Buildings appointed under subsection 4(1), and includes any Deputy Commissioner and other officers appointed under subsection 4(1) to exercise the powers or perform the duties imposed on the Commissioner;
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The management corporation shall furnish to the Commissioner or any public authority such returns, reports, accounts and information with respect to its activities and finances, as the
Commissioner may, from time to time, require or direct.
The returns, reports, accounts and information referred to in subsection (3) shall be in such form as the Commissioner may, from time to time, specify.
If the management corporation fails to comply with subsection (1), (2), (3) or (4), every member of the management committee commits an offence and shall, on conviction, be liable to a fine not exceeding two hundred and fifty thousand ringgit or to imprisonment for a term not exceeding three years or to both.
management committee
“management committee”, in relation to a management corporation, means the committee of the management corporation elected under section 56;
In proceedings against a member of the management committee for an offence under subsection (5), it is a defence if the member proves that—
the offence was committed without his knowledge, consent or connivance; and
he had taken all reasonable precautions and had exercised due diligence to prevent the commission of the offence.
Subsidiary management corporation and limited common property
subsidiary management corporation
“subsidiary management corporation” means the subsidiary management corporation which is created under the Strata Titles Act 1985;
Administration of the subsidiary management corporation
Terms defined in s 2
approved company auditor
Defined · s 2“approved company auditor” has the meaning assigned to it in the Companies Act 1965;
Commissioner
Defined · s 2“Commissioner” means the Commissioner of Buildings appointed under subsection 4(1), and includes any Deputy Commissioner and other officers appointed under subsection 4(1) to exercise the powers or perform the duties imposed on the Commissioner;
limited common property
Defined · s 2“limited common property” means such part of the common property in a lot— (a) that is designated in a comprehensive resolution referred to in section 17a of the Strata Titles Act 1985 for the exclusive benefit of the proprietors of two or more, but not all, parcels; and (b) for which a certificate has been issued by the Director certifying that the subsidiary management corporation has been constituted under the Strata Titles Act 1985;
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 committee
Defined · s 2“management committee”, in relation to a management corporation, means the committee of the management corporation elected under section 56;
management corporation
Defined · s 2“management corporation” means the management corporation which comes into existence under 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;
subsidiary management corporation
Defined · s 2“subsidiary management corporation” means the subsidiary management corporation which is created under 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