Section 55
Maintenance account of subsidiary management corporation
of Strata Management Ordinance, 2019
State OrdinanceIn forceProvision 53 of 137
Section 55
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(1)
A subsidiary management corporation shall open and maintain a maintenance account with a bank or financial institution, into which shall be deposited all maintenance charges paid by the subsidiary proprietors constituting the subsidiary management corporation.
(2)
The maintenance account shall consist of the monies specified in section 40(2) and may be used only for the purposes specified in section 40(3).