Section 50
Sinking fund account of the management corporation
of Strata Management Ordinance, 2019
—
If the sinking fund account in the name of the management corporation had not been earlier established under section 41(1) the management corporation shall open and maintain a sinking fund account in the name of the management corporation with a bank or financial institution into which shall be deposited the contribution to the sinking fund paid by the subsidiary proprietors.
(2)
The contribution to the sinking fund account shall be used solely for the purposes specified in section 41(2).
(3)
Subject to section 42, for the purpose of establishing and maintaining a sinking fund account, the amount to be paid by the subsidiary proprietors of the parcels or provisional blocks shall be a sum equivalent to ten per cent of the maintenance charge imposed under subsection 49(3), unless otherwise determined from time to time at a general meeting of the management corporation,
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but such contribution to the sinking fund shall not be less than ten per cent of the maintenance charge.
(4)
Any contribution to 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 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.