Section 26
Balances not transferred shall vest in management corporation
of Strata Management Ordinance, 2019
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If any balance of monies in the maintenance account and in the sinking fund account has not been transferred by the joint management body under section 25(2)(a), the monies shall vest in the management corporation on the date of the expiry of the period specified in section 25(2).
(2)
Any right, power or remedy granted to, or any liability imposed on, the joint management body under this Part in respect of the development, including maintenance charges, contribution to the sinking fund, and any other assets of maintenance account and the sinking fund account, shall vest in the management corporation on the date of expiry of the period specified in section 25(2), and the management corporation shall have the same right, power, remedy or liability as if it had all times been a right, power, remedy or liability of the management corporation, including those rights in respect of any legal proceeding or application to any authority by or against the joint management body pending immediately before the date of the expiry of the period specified in section 25(2).
(3)
Any judgment or award of any arbitral or other tribunal obtained by the joint management body in respect of the development, including the maintenance charge, contribution to the sinking fund and any other assets of the maintenance account and the sinking fund account, and not fully satisfied before the expiry of the period specified in section 25(2), shall be enforceable by the management corporation.