Section 76

a situation under paragraph 4(b) of the Second

Schedule or paragraph 4(b) of the Sixth Schedule occurs; or

after due inquiry has been carried out by the

Commissioner or a person appointed by him based on a complaint made to the Commissioner by a purchaser or a subsidiary proprietor or any other person or body having an interest in a parcel, registered or otherwise, the Commissioner is satisfied that the management and maintenance of a building or land intended to be subdivided into parcels or any subdivided building or land and common property is not carried out satisfactorily by the developer, joint management body, management corporation or subsidiary management corporation, as the case may be, the Commissioner may appoint, by written notification, one or more persons to act as property manager to manage and maintain the building or land intended to be subdivided into parcels or any subdivided building or land and the common property for a period to be specified by the Commissioner

A property manager appointed under this Part shall enter into a management agreement with the developer, joint management body, management corporation or subsidiary management corporation, as the case may be, to carry out the duties and powers of the developer, joint management body, management corporation or subsidiary management corporation, respectively as provided for under this Ordinance.

The property manager shall be entitled to be paid such remuneration or fees as may be agreed upon between the property manager and the developer, joint management body, management corporation or subsidiary management corporation, as the case may be, with the concurrence of the Commissioner, and such remuneration or fees shall be charged to the maintenance account.

In the event that the property manager cannot be appointed due to shortage of such expertise, the Commissioner may appoint in written notification, a managing agent to manage and maintain the building or land intended for subdivision into parcels or any subdivided building or land and the common property for a period to be specified by the Commissioner and the restrictions, requirements, duties, powers, and remuneration under subsection (2), and sections 77 and 78 shall apply.

90

The managing agent appointed under subsection (4)

shall not act as managing agent unless he has lodged with the

Commissioner a bond in the form and for the specified amount approved by the Commissioner given by a bank, finance company or insurer and which binds the bank, finance company or insurer to make good any loss caused by the managing agent as a result of his failure to account for monies received or held by him.

Independence of property manager or managing agent