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 How easy is it for condo committee to cheat money?

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cherroy
post Jul 7 2015, 04:37 PM

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QUOTE(ic no 851025071234 @ Jul 7 2015, 08:57 AM)
My condo there seem to have very heated competition by few to take up committee and alot drama la last year. Finally with the current chairman kick out previous chairman and the apparently current chairman is related the treasurer or something.

If this the case is it very easy for the chairman to just pocket the maintenance fund and all into own account or is it very well regulated?

Seem like very long time already and they should have called for agm few months ago but conveniently forgot. Even people complain the committee just ignore and all. Do you think there is personal gain?
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Account needs to audited every year, you can't just take the money out without any reason, or transfer to any individual account.
It is a CBT offence if simply take a public money (management fund) into personal use.

Auditor will easily find out when audit the account time.

But only buying engage with a specific contractor/company or cronyism, buying expensive etc is the grey area which should be aware of.
Adopting open tender process, openness during committee meeting etc are several good way to reduce such a grey area.
cherroy
post Jul 7 2015, 05:02 PM

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QUOTE(ic no 851025071234 @ Jul 7 2015, 04:41 PM)
Who will be the responsible to audit the condo account? The is committee liable to some regulation? Cos from current situation the committee can just ignore and not do any audit
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Normally it is external auditor, just like ordinary company.

MC is liable to any sue if there is any misbehave.

If current MC is not doing a proper job and convey an AGM due, owner can complain to COB and COB can empower other owner to convey an AGM.
cherroy
post Jan 10 2018, 10:04 AM

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QUOTE(poemex @ Jan 9 2018, 06:17 PM)
Hi May i have the answer of the old question , DO the JMC has the rights/power to amend house rules without AGM /EGM?
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There is no mention the any house rules set must be through AGM/EGM in the strata title act 757.

Strata title act 757, 70 (by-law) aka house rules
http://www.federalgazette.agc.gov.my/outpu...TA%20757-BI.pdf

QUOTE
A copy of additional by law made by management corporate under section (2) and amendment of addition by-law for time being in force, certified as true copy under the seal of management corporation with the Commissioner within thirty days of passing special resolution by the management corporation approving the additional by-law


It just said it needs a special resolution being approved by MC.

But mostly and commonly, additional house rules especially those may affect greatly one are done through AGM/EGM to avoid any dispute in the future.

 

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