Duties and powers of management corporation (MC)

Duties

1. to establish maintenance account of the management corporation;
2. to establish sinking fund account of the management corporation;
3. to properly maintain and manage the subdivided building or land and the common property and keep it in a state of good and serviceable repair;
4. to determine and impose the Charges to be deposited into the maintenance account for the purposes of proper maintenance and management of the subdivided buildings or lands and the common property;
5. to determine and impose the contribution to the sinking fund to be deposited into the sinking fund account for the purposes of meeting the actual or expected expenditure specified under subsection 51(2);
6. to effect insurance according to this Act or to insure against such other risks as the proprietors may by special resolution direct;
7. to comply with any notice or order given or made by the local authority or any competent public authority requiring the abatement of any nuisance on the common property, or ordering repairs or other work to be done in respect of the common property or other improvements to the common property;
8. to prepare and maintain a strata roll for the subdivided buildings or lands;
9. to ensure that the accounts required to be maintained by the management corporation under this Act are audited and to provide audited financial statements for the information to its members;
10. to enforce the by-laws;
11. to do such other things as may be expedient or necessary for the proper maintenance and management of the subdivided buildings or lands and the common property;
12. to be prepared such accounts and records of accounts as will sufficiently explain the transactions of the accounts and enable true and fair balance sheet, income and expenditure statement and profit and loss statement to be prepared for the period starting from commencement of the preliminary management period;
13. appoint an approved company auditor to carry out the audit of the accounts annually;
14. file with the Commissioner a certified true copy of the audited accounts together with the auditor’s report within fourteen days of the accounts being audited;

Powers

1. to collect the Charges from the proprietors in proportion to the share units or provisional share units of their respective parcels or provisional blocks;
2. to collect the contribution to the sinking fund from the proprietors of an amount equivalent to ten percent of the Charges;
3. to authorize expenditure for the carrying out of the maintenance and management of the subdivided buildings or lands and the common property;
4. to recover from any proprietor any sum expended by the management corporation in respect of that proprietor’s parcel in complying with any such notice or order as referred to in paragraph (1)(e);
5. to purchase, hire or otherwise acquire movable property for use by the proprietors in connection with their use and enjoyment of the common property;
6. to employ or arrange and secure the services of any person or agent to undertake the maintenance and management of the common property of the subdivided building or land;
7. subject to subsection 70(2), to make additional by-laws for the proper maintenance and management of the subdivided buildings or lands and the common property;
8. to borrow moneys required by the management corporation in the exercise of its powers or the performance of its duties;
9. to secure the repayment of moneys borrowed by it and the payment of interest thereon by negotiable instrument or by a charge of unpaid Charges to the maintenance account (whether already imposed or not), or by a charge of any property vested in it or by a combination of any of those means;
10. to do all things reasonably necessary for the performance of its duties under this Act and for the enforcement of the by-laws;