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26. Independence of managing agent.(1) A person shall not be appointed as a managing agent if the person has a professional orpecuniary interest in any building or land intended for subdivision into parcels.(2) A person is regarded as having a professional or pecuniary interest in any building or land if-(a) he has been responsible for the design or construction of the building;(b) he or any of his nominees, officers or employees has any material interest in the buildingor land or any part of the building or land;(c) he is a partner or is in the employment of a person who has any material interest in thebuilding or land or any part of the building or land; or(d) he or his family holds any interest in the building or land or part of the building or landwhether directly, as a trustee or otherwise.27. Managing agent to lodge bond.A person shall not act as managing agent unless he has lodged with the Commissioner a bond in theform approved by the Commissioner and for the specified amount given by a bank, finance companyor insurer and which binds the bank, finance company or insurer to make good any loss caused bythe managing agent as a result of his failure to account for monies received or held by him.28. Powers and duties of managing agent.(1) Where a managing agent has been appointed under section 25, the managing agent shall havecontrol over the moneys in the Building Maintenance Account or Building Maintenance Fund.(2) Subject to the general direction of the Commissioner, the managing agent appointed shall performthe duties and exercise the powers with regard to the maintenance and management of the buildingas if he was acting as the developer or the Body.(3) It shall be the duty of a managing agent to pay all moneys received by him in his capacity asmanaging agent into the Building Maintenance Account or Building maintenance Fund of that buildingwithin two working days of receiving the moneys.(4) As soon as practicable after his appointment, but in any case not later than one month after hisappointment, a managing agent shall prepare and submit to the Commissioner a statement showingas at the date of his appointment-(a) the moneys standing to the credit of the Building Maintenance Account or BuildingMaintenance Fund;(b) the amounts due and owing by the purchasers which are due to be paid to the BuildingMaintenance Account or Building Maintenance Fund;(c) any income derived from the common property of the building which is due to be paid tothe Building Maintenance Account or Building Maintenance Fund;(d) any sum accrued for the maintenance and management of the building, which isauthorized to be paid out of the Building Maintenance Account or Building Maintenance Fund;and which remains unpaid.