Singapore legislation
Section 15
of Buildings and Common Property (Maintenance and Management) Act
Section 15
Managing agent to lodge bond
Amended by26/82
A person shall not act as managing agent for a development unless he has lodged with the Commissioner a bond in the form approved by the Commissioner and for the prescribed amount 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 duly to account to the purchasers of a development for moneys received or held by him.[7G