57.— (1) In this section references to an apartment include a community apartment.

(2) A housing authority shall, in relation to a designated apartment complex, establish a company (in this Part referred to as a “management company”) to achieve the principal objects specified in subsections (5) and (6) which shall be a company formed and registered under the Companies Acts and limited by—

(a) shares, where there are not more than 6 apartments in the designated apartment complex concerned, or

(b) guarantee, where there are more than 6 apartments in the designated apartment complex.

(3) The name of every management company shall be comprised of the name of the designated apartment complex concerned and the words “owners’ management company” which words may be abbreviated to “OMC”.

(4) The memorandum and articles of association of a management company shall be in such form consistent with this Act as may be determined by the housing authority.

(5) The principal objects of a management company shall be stated in its memorandum of association to be as follows:

(a) to take a transfer of ownership of a designated apartment complex in accordance with an apartment complex transfer order;

(b) in the case of apartments in the designated apartment complex which have not been sold by the housing authority under section 90 of the Principal Act, whether before or after the coming into operation of this Part, to grant a lease or sublease of the apartments to the housing authority in accordance with an apartment transfer order;

(c) to manage, control and maintain the common areas, structures, works and services in accordance with section 63 (3);

(d) to carry out its functions in accordance with this Part.

(6) Subsection (5) does not prevent or restrict the inclusion of objects and powers that are—

(a) reasonably necessary, proper for or incidental or ancillary to attaining the principal objects referred to in subsection (5), and

(b) not inconsistent with this Part or any other enactment.

(7) The articles of association shall include provision for—

(a) the levying and collection annually of an apartment complex service charge and a charge in respect of the sinking fund contribution, and

(b) the covenants and agreements relating to the designated apartment complex and the apartments comprised therein.