Section 16

Despite anything in any written law, a Singapore society which intends to acquire any estate or interest in any residential property other than non‑restricted residential property must, prior to the vesting of the estate or interest in that residential property in the trustees of the society, provide the Controller with a list of its trustees and members containing the particulars of their nationality and such other particulars as the Controller may require.

The Controller may, if he or she is satisfied that the requirements of subsection (1) are complied with and that the society is a Singapore society, issue to the society a certificate stating that the society may acquire and retain residential properties in accordance with the provisions of this Act.

The Controller may at any time require a Singapore society which has been issued a certificate under subsection (2) to produce its list of members and trustees for his or her inspection if the Controller desires to ascertain whether the Singapore society has ceased to be a Singapore society.

The Controller may at any time cancel a certificate issued under subsection (2) if he or she is satisfied that —

The Controller must, upon the application by any Singapore society which is a holder of a certificate issued by the Controller under subsection (2), cancel the certificate if the Controller is satisfied that the Singapore society does not own any residential property that is not non‑restricted residential property.

Any Singapore society which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000.