Provision
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Conditions of Exemption |
Section 10 SMA – Developer to establish maintenance account |
This section sets out, among others, the requirements for a developer to establish and operate a maintenance account |
If the developer’s management period expires during the Relevant Period |
Section 11 SMA – Developer to establish sinking fund account |
This section sets out, among others, the requirements for a developer to establish and operate a sinking fund account |
If the developer’s management period expires during the Relevant Period |
Paragraph 14(1)(c) – Duties of developer in relation to accounts |
This paragraph requires a developer to submit a certified true copy of the audited accounts and the auditor’s report of the maintenance account and the sinking fund account to the Commissioner of Buildings (“COB”) within 14 days of the accounts being audited. |
If the developer submits the certified true copy which need to be filed with the COB during the Relevant Period by 1 July 2021 |
Section 15 SMA – Handing over by developer to the joint management body (“JMB”) |
This section provides for the handing over to the JMB of, among others, balances in the maintenance and sinking fund account |
If the developer’s management period expires during the Relevant Period |
Subsection 18(1) SMA – Duty of developer to convene first annual general meeting (“AGM”) of the JMB |
This subsection sets out the requirements for the developer to convene the first AGM of the JMB |
If the first AGM of the JMB which needs to be convened within the Relevant Period is convened by 1 July 2021 |
Paragraph 49(1)(b) SMA – Restrictions during preliminary management period |
This paragraph prohibits, amongst others, the developer from entering into maintenance and management contract which extends beyond the preliminary management period |
If:
- the preliminary management period expires within the Relevant Period; and
- the period of such contract entered into within the Relevant Period does not exceed one month after the AGM is convened.
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Paragraph 50(1)(c) SMA – Developer to establish maintenance account in the name of management corporation (“MC”) |
This paragraph requires the developer to open and maintain a maintenance account in the name of the MC under the circumstances set out in this paragraph |
If the developer establishes the maintenance account by 1 July 2021 |
Section 51 SMA – Developer to establish sinking fund account in the name of MC |
This paragraph requires the developer to open and maintain a sinking fund account at the same time when the developer is required to open and maintain the maintenance account under subsection 50(1) of the SMA |
If the developer establishes the sinking fund account by 1 July 2021 |
Paragraph 54(1)(c) SMA – Duties of developer in relation to accounts |
This paragraph requires the developer during the preliminary management period to file with the COB a certified true copy of the audited accounts together with the auditor’s report within 14 days of the accounts being audited |
If the developer submits the certified true copy which need to be filed with the COB during the Relevant Period by 1 July 2021
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Section 55 SMA – Handing over of control to MC |
This section provides for the handing over to the management committee of the MC of, among others, the control of all balances in the maintenance account and sinking fund account |
If the developer’s management period expires during the Relevant Period |
Subsection 57(1) SMA – Duty of developer to convene first AGM |
This subsection sets out the requirements for the developer to convene the first AGM of the MC |
If the first AGM of the MC which needs to be convened within the Relevant Period is convened by 1 July 2021 |
Subsection 92(1) SMA – Developer to pay deposit to rectify defects on common property |
This subsection sets out the requirements for the developer to pay a deposit with the COB for rectification of defects |
If the deposit which need to be paid to the COB within the Relevant Period is paid by 1 July 2021 |