Download - Ministry of Housing and Local Government
Download - Ministry of Housing and Local Government
Download - Ministry of Housing and Local Government
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PART IVBUILDING MAINTENANCE ACCOUNT16. Developer to open <strong>and</strong> maintain Building Maintenance Account.(1) The developer <strong>of</strong> any building or l<strong>and</strong> intended for subdivision into parcels shall, before thedelivery <strong>of</strong> vacant possession, open, in respect <strong>of</strong> the development area on which the building iserected, a Building Maintenance Account in the name <strong>of</strong> the development area with a bank orfinancial institution licensed under the Banking <strong>and</strong> Financial Institutions Act 1989 [Act 372] orregulated by the Central Bank under any other written law.(2) One Building Maintenance Account shall be opened for each development area.(3) Each Building Maintenance Account shall be maintained by the developer until the establishment<strong>of</strong> the Body for the building.(4) The developer shall not open <strong>and</strong> maintain a Building Maintenance Account together with anyother building outside the development area.(5) Where any dispute arises in respect <strong>of</strong> a Building Maintenance Account, the Commissioner mayresolve the dispute as he deems fit <strong>and</strong> just.17. Duties <strong>of</strong> developer as to Building Maintenance Account.(1) A developer shall deposit into the Building Maintenance Account-(a) all charges received by him from the purchasers in the development area for themaintenance <strong>and</strong> management <strong>of</strong> the common property <strong>of</strong> the development area; <strong>and</strong>(b) all charges for the maintenance <strong>and</strong> management <strong>of</strong> the common property to be paid bythe developer in respect <strong>of</strong> those parcels in the development area which have not been sold,being a sum equivalent to the maintenance charges payable by the purchasers to thedeveloper had the parcels been sold.(2) The developer shall-(a) cause proper accounts <strong>of</strong> the Building Maintenance Account to be kept in respect <strong>of</strong> allsums <strong>of</strong> money received from <strong>and</strong> all payments made out <strong>of</strong> the Building MaintenanceAccount;(b) appoint a pr<strong>of</strong>essional auditor to audit the Building Maintenance Account annually or in thecase <strong>of</strong> where money is to be transferred under subsection 19(3), one month before the date<strong>of</strong> actual transfer;(c) file with the Commissioner a copy <strong>of</strong> the statement <strong>of</strong> account certified by the auditors <strong>and</strong>a copy <strong>of</strong> the auditor's report within fourteen days <strong>of</strong> the accounts being audited; <strong>and</strong>(d) permit the Commissioner or any person authorized by the Commissioner in writing to acton its behalf full <strong>and</strong> free access to the accounting <strong>and</strong> other records <strong>of</strong> the BuildingMaintenance Account <strong>and</strong> to make copies or extracts <strong>of</strong> those accounting or other records.(3) The Commissioner shall have the right to appoint an approved company auditor to investigate thebooks, accounts <strong>and</strong> transactions <strong>of</strong> a Building Maintenance Account <strong>and</strong> the developer shall pay allthe expenses incurred for that purpose.
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