Malaysia legislation
Section 49
Section 49
(2)
The maintenance account shall consist of all monies specified in section 40(2) and all monies in the maintenance account shall be used for the purposes specified in section 40(3).
(3)
For the purpose of a maintenance account of a management corporation and subject to section 42, the management corporation may at a general meeting—
(a)
determine from time to time the amount to be raised for the purposes mentioned in section 40(3);
(b)
raise the amounts so determined by imposing maintenance charge on the subsidiary 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 maintenance charge to be paid in respect of parcels which are used for significantly different purposes and in respect of the provisional blocks; and
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(c)
determine the amount of interest payable by a subsidiary proprietor in respect of late payments which shall not exceed the rate of ten per cent per annum.
(4)
Any maintenance charge imposed under subsection (3) in respect of a parcel shall be due and payable on the passing of a special 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 71 from the proprietor of the provisional block or where the building to which the provisional block relates has been subdivided, from the subsidiary proprietor of the parcels in the building, or his successor-in-title, 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.
(5)
Any maintenance charge imposed under subsection (3) in respect of a provisional block shall be fully borne by the developer.
(6)
For the purposes of subsection (4), “subsidiary proprietor”
includes a purchaser to be duly registered as a subsidiary proprietor.
Sinking fund account of the management corporation