72.— (1) A management company shall keep all proper and usual books or other accounts of—

(a) all moneys received or expended by it, and

(b) all property, assets and liabilities of the management company,

including an income and expenditure account and a balance sheet.

(2) Without prejudice to the generality of subsection (1), a management company shall establish, operate and maintain financial systems, accounts, reporting and record keeping procedures, including the preparation of annual financial statements, which are based on generally accepted accounting principles and practices.

(3) A management company shall—

(a) submit to the housing authority concerned a copy of its annual audited accounts no later than 4 months after the end of each financial year of the management company to which the accounts relate, and

(b) on the request of any member, provide a copy of those accounts at a price not exceeding the reasonable cost of reproduction.

(4) Subsection (3) (a) shall cease to apply in respect of the financial year following the financial year in which the sale of an apartment results in the total number of all apartments in the designated apartment complex that are sold exceeding by one the total number, divided by 2, of apartments (including any community apartment) in the designated apartment complex, rounded up to the nearest whole number, as appropriate.