Building Maintenance Fund
s 22
(1) Any surplus moneys in the Building Maintenance Account after payment of all the expenditure which have been properly charged to the Building Maintenance Account shall be transferred to the Body by the developer not later than one month from the date of establishment of the Body, and such moneys shall constitute a fund to be known as the “Building Maintenance Fund” which shall be maintained by the Body. (2) The Building Maintenance Fund shall be administered and controlled by the Body and shall consist of— (a) all or any part of the maintenance charges for the building imposed by or payable to the Body under this Act; (b) all moneys derived from the sale, disposal, lease or hire of, or any other dealing with, any property, mortgages, charges or debentures vested in or acquired by the Body; (c) all other moneys and property which may in any manner become payable to or vested in the Body in respect of any matter incidental to its functions and powers; and (d) all other moneys lawfully received by the Body, including interest, donation and trust. (3) The Building Maintenance Fund shall be used solely for the purposes of— (a) ensuring that the common property of the building is in a state of good repair and maintaining the common property; (b) paying for the expenses incurred in providing cleaning services for the common property, security services and amenities for the occupiers of the building; (c) paying any premiums for the insurance of the building against damage by fire and other risks; (d) carrying out periodical inspection on the safety of the building in the manner as specified in and under the Street, Drainage and Building Act 1974 [Act 133]; (e) cleaning premises including white-washing, colour washing or painting of the common property; (f) carrying out inspection of all electrical wiring systems of the common property and replacing any faulty wiring systems, if any; (g) carrying out inspection, maintenance and repair of the main water tank; (h) paying rent and rates, if any; (i) paying any fee incurred for the auditing of the Building Maintenance Fund; (j) paying all charges reasonably incurred for the administration of the Building Maintenance Fund as may be determined by the Commissioner; (k) paying the remuneration or fees of the managing agent appointed under section 25; (l) paying any expenditure lawfully incurred by the Body; (m) paying for the allowances and other expenses of the members of the Body and members of the Committee according to such rates as may be approved by the Commissioner; (n) paying any expenses, costs or expenditure in relation to the procurement of goods or services, including but not limited to the engagement of consultants, legal fees or costs and other fees and costs, properly incurred or accepted by the Body in the performance of the Body’s functions and the exercise of its powers under this Act; (o) purchasing or hiring equipment, machinery and any other material, acquiring land and any assets, and erecting buildings, and carrying out any other works and undertakings in the performance of the Body’s functions and the exercise of its powers under this Act; (p) paying any expenses for carrying into effect the provisions of this Act; and (q) doing generally all things necessary for the maintenance and management of the common property. (4) For the purpose of this section, if the Body has not been established, references to the “Body” shall be construed as references to the “developer”.