What is the Management Corporation (MC)?

The Management Corporation (MC) is a joint-property owner and as a custodian for issuing ownership document for the land area where the strata scheme is build. The Management Corporation is a body that can charge and can be charged. It is formed under Strata Ownership Act 1985 and is not required to be registered with the Company Registrar or Corporation Registrar. It has a perpetual succession.

What is a By-Law?

The developer or JMB is required to organize, maintain and enforce the By-Laws. It is a specified law to be complied to all occupants and it can be updated or modify from time to time. This terms & conditions covering all aspects including the security, cleanliness, joint-property safe-keeping, car parking terms & conditions, visitor and others which can or cannot do by the buyer or the lot occupant.

What is a sinking fund?

A Sinking Fund served as an emergency fund whereby all monies will be used especially for repairing and replacing the new facility, purchase of a premium fire extinguisher for the whole apartment, painting the whole building and others. The sinking fund is about 10 percent from the total service payment imposed by the management, starting from the date of the vacant possession.

What is the Building Commissioner ?

The Building Commissioner (COB) is formed on 12th April 2007 in line with the Building and Joint-property Building Act (Maintenance and Management) 2007 (Act 633) (has been repealed and was replaced with the Strata Management Act 2013 (Act 757) starting 1st June 2015). The role of COB Unit is the legislation executioner and regulator related to the strata building and joint-property management and maintenance in Seremban City Council area.

What is the authority of the Management Corporation?

  1. Imposing contribution to the lot owner according to the specified rate based on their respective lot share units;
  2. Buying, renting or acquiring a movable property for the usage related to the joint property;
  3. Borrowing a sufficient loan in executing its power or implementing its tasks and repayment of the loan together with the interest;
  4. Taking action against the lot owner if he/she failed to comply the instruction with a certain period;

What is the Joint-Management Body (JMB)?

The function of JMB acted as a responsible body to manage and maintain a building and joint-property. Apart from that, another JMB’s role is to insure the building and submit a claim when it is required. It is therefore become a duty for JMB to determine the maintenance and contribution charge rate to the sinking fund group and save it in the maintenance and sinking fund account for auditing purpose. The number of JMB consist of the developer and around 3-14 of lot buyers.