4A.—(1) For the purposes of section 34(1) of the Act, the surpluses in —
(a)
any operating fund established for residential property and commercial property, respectively, within the Town must be transferred in the following proportions:
(i)
65% to the ordinary sinking fund established for that residential property and commercial property, respectively;
(ii)
35% to the lift replacement fund established for that residential property and commercial property, respectively; and
[S 186/2017 wef 01/05/2017]
(b)
any fund established for the management and maintenance of parking places within the Town must be transferred in the following proportions:
(i)
65% to the ordinary sinking fund established for the residential property within the Town;
(ii)
35% to the lift replacement fund established for the residential property within the Town,
[S 186/2017 wef 01/05/2017]
within 90 days from the date the Statement of Transferable Surpluses is audited under paragraph (2), or not later than 180 days from the date of issue of a writ of election.
[S 179/99 wef 08/02/1999]
[S 637/2007 wef 01/12/2007]
(2) Where a writ of election is issued in respect of any constituency —
(a)
the area of which forms wholly or partly the area of a Town; or
(b)
part of which forms the area of a Town,
the Town Council for the Town shall, within 90 days after the issue of the writ, prepare and cause to be audited a full and particular Statement of Transferable Surpluses showing the excess of revenue over expenditure in any fund (other than a sinking fund) of the Town Council relating to that area less —
(i)
the fixed assets owned by the Town Council on the day immediately before the writ is issued; and
(ii)
the amounts necessary to meet any capital commitments made or entered into by the Town Council on or before that same day in relation to that area.
(3) In paragraph (2), “capital commitment”, in relation to any area of a Town, means the aggregate value or (as the case may be) estimated cost of any capital expenditure for improvement works within that area which, at the material time —
(a)
is contracted by the Town Council for that Town; or
(b)
is approved for that Town by the Community Improvement Projects Committee of the Ministry of National Development, and invitations to tender for the execution of those works have been issued,
whether or not such capital expenditure is recognised as paid or provided for at that material time.