Following the formation of the MC during the last AGM held on 4 April 2015, formalities to setup the Management Corporation (MC) including the new bank accounts are a time consuming process.
During this transition period the JMC members will handover all responsibility, assets and liabilities to the MC however until the new account is ready the service charge and payments are made to/from the JMB account which is managed by the JMC.
Once the new account is ready an audit will performed, assets handed over and the the account closed
During this transition period all expenditure is jointly approved by both the JMC and the MC.
Some previous JMC members are assisting with the above and working closely with the new MC as non-executive volunteers to ensure that there is no impact to the operation at Villa Wangsamas.
It is hoped that the new account will be ready in time of next Service Charge Invoice at the end of this month and further information will be available once the account is ready
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