Strata Management Act 2013 · Updated to 8 Feb 2013 · Part V · Strata Management After Existence of
66. Maintenance account of subsidiary management corporation
Official textFrom Laws of Malaysia Online, unchanged
A subsidiary management corporation shall open and maintain a maintenance account with a bank or financial institution, into which shall be deposited all Charges paid by the proprietors constituting the subsidiary management corporation.
subsidiary management corporation
“subsidiary management corporation” means the subsidiary management corporation which is created under the Strata Titles Act 1985;
The maintenance account shall consist of the moneys specified in subsection 50(2) and may be used only for the purposes specified in subsection 50(3).
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;
Sinking fund account of subsidiary management corporation
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;
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;
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