Management Corporation

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

 

Updated January 2006