Section 23

immediately open a bank account in the name of the management corporation and pay into that account all moneys standing to the credit in the general maintenance fund established under section 16(2) for the maintenance of the subdivided building and the common property of that development;

cause to be prepared such accounts 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 document required to be attached thereto to be prepared for the period starting from the date the management corporation is constituted for the development and ending on a date not earlier than 4 months before the first annual general meeting of the management corporation; and

cause the records mentioned in paragraph (b) to be kept in a manner that enables them to be conveniently and properly audited.

immediately open a bank account in the name of the subsidiary management corporation and pay into that account all moneys standing to the credit in the special maintenance fund established under section 16(3) for the maintenance of the limited common property of that development;

cause to be prepared such accounts and other records as will sufficiently explain the transactions and financial position of the subsidiary management corporation and enable true and fair profit and loss accounts and balance sheets and any document required to be attached thereto to be prepared for the period starting from the date the subsidiary management corporation is constituted for the development and ending on a date not earlier than 4 months before the first annual general meeting of the subsidiary management corporation; and

cause the records mentioned in paragraph (b) to be kept in a manner that enables them to be conveniently and properly audited.

the council of a management corporation; and

where the development comprises any limited common property, the executive committee of the subsidiary management corporation,from the time the management corporation or subsidiary management corporation (as the case may be) is constituted until a council of the management corporation or an executive committee of the subsidiary management corporation is elected at the first annual general meeting of the management corporation or subsidiary management corporation, as the case may be.

transfer control of the management corporation’s or subsidiary management corporation’s (as the case may be) money to its newly elected council or executive committee; and

deliver to that newly elected council or executive committee all keys and other means of access that the owner developer possesses for the purposes of exercising the powers and performing the duties of the council or executive committee, as the case may be.

keep all financial records that relate to the management corporation’s and (if any) subsidiary management corporation’s finances during the period before the transfer of control;

at the request of the management corporation or subsidiary management corporation, make any of the records mentioned in paragraph (a) available for inspection free of charge by the management corporation or subsidiary management corporation, as the case may be; and

allow the management corporation or subsidiary management corporation (as the case may be) to copy or audit those records at its own expense.