Singapore legislation
Clause 12
Clause 12
Sale, disposal, etc. of business requires consent of the Controller
(1)
Every licensed housing developer shall 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 which is aggrieved by a decision of the Controller, under the provisions of subsection (2) of this section, may appeal to the Minister, within fourteen days of being notified of such decision. The decision of the Minister shall be final and shall not be questioned in any court.
(4)
Any licensed housing developer which fails to comply with the provisions of subsection (1) of this section shall be guilty of an offence under this Ordinance.