Singapore legislation
Section 10
of Buildings and Common Property (Maintenance and Management) Act
Section 10
Duties of developer
(1)
A developer shall pay into the maintenance fund —
all charges received by him from the purchasers of the flats in the development for the maintenance of the common property of the development;
in respect of those flats in the development which have not been sold and for which temporary occupation licences have been issued by the competent authority, a sum equivalent to the maintenance charges payable by the purchasers of the flats to the developer had the flats been sold; and
all income derived from the common property of the development.
(2)
A developer shall hold all moneys in the maintenance fund on trust for the owners and purchasers of all the flats in the development.
(3)
The moneys in the maintenance fund shall be deposited with any bank licensed under the Banking Act [Cap. 19] or the Post Office Savings Bank of Singapore and may be invested in such investments or securities as are for the time being authorised for the investment of trust funds.
(4)
Where a management corporation for the development has been constituted in accordance with section 30 of the Land Titles (Strata) Act [Cap. 158], the surplus moneys in the maintenance fund after payment of all the expenditure which may be properly charged to the maintenance fund shall be transferred to the management corporation.
(5)
The developer shall —
cause proper books of accounts to be kept in respect of all sums of money received for and all payments out of the maintenance fund, specifying the matters in relation to which the receipts and expenditure take place;
appoint an auditor to audit the maintenance fund annually;
file with the Commissioner a certified true copy of the audited accounts within 28 days of the accounts being audited;
permit the Commissioner or any person authorised by him to act on his behalf at all reasonable times full and free access to accounting and other records of the maintenance fund and permit the Commissioner or the person to make copies or make extracts from those accounting or other records; and
furnish a certified true copy of the accounts to the Commissioner at such intervals as may be required by the Commissioner.
(6)
A developer who contravenes this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 and to a further fine not exceeding $100 for every day during which the offence continues after conviction.[7B