Promoter to render account to the Association

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.