Singapore legislation
Section 12
Section 12
Sale, disposal, etc., of business requires consent of Controller
(1)
Every licensed housing developer must inform the Controller of any proposed arrangement or agreement for any sale or disposal of its business relating to housing development by amalgamation or otherwise or of any proposal for reconstruction.
(2)
The Controller may approve or withhold approval of such arrangement or reconstruction.
(3)
Any licensed housing developer that is aggrieved by a decision of the Controller under subsection (2) may, within 14 days of being notified of the decision, appeal to the Minister whose decision is final and shall not be questioned in any court.
(4)
Any licensed housing developer that fails to comply with subsection (1) shall be guilty of an offence.