| 1) How is the amount payable for management and sinking fund determined for each Subsidiary Proprietor? |
| - | From 1st October 2006 to 30 September 2007, the amount payable to the Management & Sinking Fund is as follows:
For 3 Share Value Subsidiary Proprietors
1. Management Fund: $150.00
2. Sinking Fund: $ 12.00
3. GST (7%): $ 11.34
Total: $173.34
For 4 Share Value Subsidiary Proprietors
1. Management Fund: $200.00
2. Sinking Fund: $ 16.00
3. GST (7%): $ 15.12
Total: $231.12
*The above-mentioned contributions are subject to changes to be decided by subsidiary proprietors at the Annual General Meeting.
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| 2) When will the Subsidiary Proprietors receive the invoice? |
| - | The Management Corporation will issue a one-time invoice to all Subsidiary Proprietors for the period from 1st October 2006 to 30th September 2007. |
| 9) Are there any other costs to the Subsidiary Proprietor for late payment of the Management and Sinking Fund contribution? |
| - | Aside from the interest that would be levied at a rate of 10% per annum, calculated on a daily basis for late payment, the Management Corporation reserves the right to take all legal measures to recover arrears and costs.
You may wish to note that the following legal proceedings may be commenced against defaulting subsidiary proprietors. The estimated minimum costs payable by the defaulting subsidiary proprietors are stated below.
1. Small Claims Tribunal - $100
2. Letter of Demand - $50
3. Lodgment of Property Charge - $500
4. Discharge Fee for Property Charge - $350
The Management Corporation reserves the right to proceed with the following legal action if full payment is not received after the above actions.
1. Writ of Summons - $2,000
2. Writ of Seizure
3. Proceed with a complaint under section 40(10) of the Building Maintenance and Strata Management Act 2004. The defaulting subsidiary prop |
| 3) When is payment of the Management and Sinking Fund contribution due from the Subsidiary Proprietor? |
| - | The Management & Sinking Fund contribution is due and payable on the first day of the month.
Monthly billing was implemented with effect from 1st October 2004. |
| 4) Will Management Council consider changing the monthly billing to quarterly? |
| - | No, quarterly billing will cause build-up of arrears as suffered by MCST in the past. |
| 5) Is the Statement of Account given to the Subsidiary Proprietor? |
| - | The Statement of Account is given only to Subsidiary Proprietors who do not pay within the 30 day credit term given for each month’s billing. |
| 6) What are the modes of payments for the contribution of the Management and Sinking fund? |
| - | A subsidiary proprietor can choose one of the following payment modes:-
1. By Cash during office hours, whereby receipt would be issued by the MCST.
2. By Cheque during office hours and receipt would be issued only upon request.
3. By Cheque through the letterbox situated outside the Management Office after office hours.
4. Through GIRO deduction on either the 25th or 26th of the month. (Application form can be obtained from the Management Office)
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| 7) Is there any credit term given to the Subsidiary Proprietor? |
| - | Yes. Subsidiary Proprietor is given a 30 day credit term. |
| 8) Is there a late payment interest charge? |
| - | Yes, if the contributions are received after the 30-day credit period, interest would be levied at the rate of 10% per annum, calculated on a daily basis. There will be no waiver for such interest payment unless so decided by subsidiary proprietors at the annual general meeting.
Subsidiary Proprietors are strongly encouraged to pay their contributions within the 30 day credit period to avoid any interest being levied. |