Section 9 in Punjab Apartment and Property Regulation Act, 1995
9. [ Accounts of sums taken by promoters. [Substituted by Punjab Act No. 21 of 2014, dated 27.8.2014.]
- The promoter shall maintain a separate account in any scheduled bank of sums taken by him from persons intending to take or who have taken apartments or plots, as advance, towards sale price or for any other purpose, or, deposit, including any sum so taken towards the share capital for the formation of a co-operative society or a company, or towards the outgoings (including ground rent, if any, municipal or other local taxes, charges for water or electricity, revenue assessment, interest on mortgages or other encumbrances, if any, stamp duty and registration fee for the agreement of sale and the conveyance); and the promoter shall hold the said moneys for the purposes for which they were given and shall disburse the moneys for those purposes including for the construction of apartments and, in the case of colonies, for meeting the cost of development works, and shall submit quarterly statement to the competent authority making full and true disclosure of all transactions in respect of that account and may utilize not more than fifty percent for any other purpose from the amounts so collected.] [Substituted by Punjab Act No. 21 of 2014, dated 27.8.2014.]
