Developer’s role prior to the establishment of the joint management body

1. (a) To open and maintain building maintenance account; (See sec 16(1) of the Act).
2. (b) To deposit into the building maintenance account:
   1. (i) All charges received from purchasers for the maintenance and management of the common property;
   2. (ii) All charges for the maintenance and management fees for the unsold units.(see sec 17(1) of the Act).
3. (c) To cause proper accounts of the building maintenance account to be kept in respect of all sums of money received from and all payments made out of the building maintenance account; (see sec 17(2)(a) of the Act).
4. (d) To appoint a professional auditor to audit the account annually or one month before the date of actual transfer to joint management body. (see sec 17(2)(b) of the Act).
5. (e) To file with the commissioner of buildings a copy of the statement of accounts certified by the auditors and a copy of the auditor’s report within 14 days of the accounts being audited; (see sec 17(2)9c of the Act). Forward to the commissioner of buildings a copy of statement of accounts certified by the auditor; and (see sec 17(2)(b) of the Act).
6. (f) To insure the building against any loss of the building and against fire and other risks. (see sec 17(4) of the Act).

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