Asked by a***@rocketmail.com
My current condominium has reported an accumulated maintenance fund for the year ended 31/12/2020 of RM628K. As this amount is more than adequate and if we continue with the current rate of service fee, we will continue to grow this reserve. What are the options available to utilise and reduce the excess since unlike a company the reserves cannot be dividend to parcel owners? I’m unable to find any legislation on the matter.
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