Singapore legislation
Section 20
Section 20
Powers and duties of managing agent appointed by Commissioner
(1)
Where a managing agent has been appointed by the Commissioner under section 19(1), the managing agent has control over the moneys in the relevant maintenance fund of the development, but has no power to invest the moneys.
(2)
Once a managing agent has been appointed under section 19(1) for a development, no moneys may be paid out of the relevant maintenance fund of that development except on the authority of the managing agent.
(3)
Subject to the general control and direction of the Commissioner, a managing agent appointed under section 19(1) has all the powers and duties of the owner developer as regards the management and maintenance of the common property or limited common property (as the case may be) of that development.
(4)
Without limiting subsection (3), a managing agent appointed by the Commissioner under section 19(1) in respect of a development has the power —
to manage the relevant maintenance fund of the development;
to issue any written demand in the name of the owner developer to the purchasers of lots or proposed lots in the development for the payment of maintenance charges due from them;
to receive all charges payable to the owner developer by purchasers of lots or proposed lots in the development for the maintenance of the common property or the limited common property (as the case may be) of the development, and to give a valid discharge therefor;
to receive all charges payable by the owner developer to the relevant maintenance fund in respect of those lots or proposed lots which have not been sold and for which temporary occupation permits have been issued;
to institute proceedings in the name of the owner developer to recover maintenance charges payable by the purchasers of the lots or proposed lots in the development; and
to bring any action in the managing agent’s own name to recover moneys due to the relevant maintenance fund from the owner developer or any other person.
(5)
It is the duty of a managing agent appointed by the Commissioner to pay all moneys received by the managing agent in the managing agent’s capacity as such for a development into the relevant maintenance fund of that development.
(6)
As soon as practicable after being appointed by the Commissioner, but in any case not later than 2 months after the appointment, a managing agent must prepare and submit to the Commissioner a statement showing as at the date of the managing agent’s appointment —
the moneys standing to the credit of every maintenance fund of the development;
the amounts due and owing by the purchasers of the lots or proposed lots in the development as charges payable for the maintenance of the common property and any limited common property (if any) of the development;
any income derived from the common property and limited common property (if any) of the development which are due to be paid to the relevant maintenance fund; and
any expenditure incurred for the maintenance of the development which is authorised by section 16(2) or (3) (as the case may be) to be paid out of the relevant maintenance fund and which remains unpaid.
(7)
Any person appointed by the Commissioner as a managing agent for a development must not act as a managing agent unless the person has lodged with the Commissioner a bond in the form approved by the Commissioner and for the prescribed amount given by a bank, a finance company or an insurer and which binds the bank, finance company or insurer to make good any loss caused by the managing agent as a result of the managing agent’s failure to duly account to the purchasers of a development for moneys received or held by the managing agent.
(8)
A managing agent who contravenes subsection (5) or (6) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000.