Section 56

At least once in each year the accounts of a management corporation shall be examined by an auditor who shall state in his report whether the accounts are in his opinion properly drawn up so as to give a true and fair view of the income and expenditure of the management corporation and of the management corporation’s affairs.

The auditor shall be appointed at each annual general meeting of the management corporation and shall hold office until the conclusion of the next annual general meeting of the management corporation.

At any time before the first annual general meeting of a management corporation, the council of the management corporation shall appoint the auditor of the management corporation and any auditor so appointed shall hold office until the conclusion of the first annual general meeting.

No person shall be appointed as an auditor of a management corporation unless he is an approved company auditor under the Companies Act (Cap. 50).

A management corporation shall permit the Commissioner or any person authorised by him to act on his behalf, at all reasonable times, full and free access to its accounting and other records and permit the Commissioner or such person to make copies of or make extracts from any such accounting or other records.

The Commissioner may exempt any management corporation of a subdivided building which has not more than 10 lots from the requirements of this section on such terms and conditions as the Commissioner may determine.

This section shall not apply to a management corporation —