Section 34

forthwith open a bank account in the name of the management corporation and shall pay into the account any surplus moneys in the maintenance fund set up by the proprietor under section 9 of the Buildings and Common Property (Maintenance and Management) Act (Cap. 30) for the maintenance of the subdivided building and the common property prior to the establishment of the management corporation; and

cause to be kept such accounting and other records as will sufficiently explain the transactions and financial position of the management corporation and enable true and fair profit and loss accounts and balance-sheets and any documents required to be attached thereto to be prepared for the period commencing from the date of registration of the strata title plan and ending on a date not earlier than 3 months before the first annual general meeting and shall cause those records to be kept in such manner as to enable them to be conveniently and properly audited.