Definition
The
management corporation is constituted by virtue of the Land Titles
(Strata) Act (Cap.158). In relation to any one or more subdivided
buildings shown on a strata title plan, means the management
Corporation incorporated for buildings under part IV or pursuant
to any corresponding written law
Powers
(S 29, 30, 31 and 38)
- Invest moneys
in Management Fund and Sinking Fund in manner permitted
by law
- Borrow moneys
and secure repayment of any interest
- Enter into
agreement with Subsidiary Proprietor for provision of services
- Purchase
or hire personal property for use by Subsidiary Proprietor
- Do all things
reasonably necessary for the performance of its duties
Duties
(S 29)
- Control,
manage and administer common property
- Renew/replace
fixtures and fittings comprised in common property
- Effect insurance
in accordance with the Act
- Comply with
any notice or order made by competent authority
- Keep proper
records
- Keep proper
accounts in respect of money received or expensed
- Convene
Annual General Meeting
- Establish
Management Fund and Sinking Fund
- Implement
decisions of Management Corporation
Audit
of accounts of Management Corporation (S 45)
- The audit
of the books and accounts shall be carried out only by a person
who is a public account within the meaning of the Companies
Act (Cap.50).
- The auditor
shall be appointed by the management corporation at its annual
general meetings or by the council within 90 days after the
annual general meeting.
Statutory
Restrictions on Powers (S 49)
- Amend, add
or revoke rights/obligation of one or more but not all Subsidiary
Proprietors
- Alter any
common property forming part
- Grant an
easement or restrictive covenant
- Execute
a transfer of any part of common property
- Make any
contract to any person the right to use, occupy, control or
manage any part of common property
- Appoint
Managing Agent for a period beyond the expiration of initial
period
