Every promoter shall render an account to the Association for the amount collected by him, from the apartment owners before the formation of the Association, towards common expenses, sinking fund for replacement of fixed assets and payment of State Government and municipal taxes and shall transfer the balance, if any, with him to the Association within three months of the formation of the Association and in case of an Association deemed to be registered under this Act, within three months from the commencement of this Act.
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More sections of this act
Section 1 · Short title, extent and commencementSection 2 · ApplicationSection 3 · DefinitionsSection 4 · Ownership of apartmentsSection 5 · Apartment to be heritable and transferableSection 6 · Compliance with the covenants and bye-lawsSection 7 · Execution of sub-lease or/and terms and conditions of sub-leaseSection 8 · Certain works prohibitedIndia Code, Government of India. Text fetched 21 Oct 2026. Source metadata reports last modification: 2026-05-11. Check the linked official text and subsequent notifications when applying a provision.