Singapore legislation
Clause 18
Clause 18
Action by the Minister if licensed housing developer unable to meet obligations or is conducting business to the detriment of purchasers or the public
(1)
Where —
a licensed housing developer informs the Controller —
that it considers that it is likely to become unable to meet its obligations; or
that it is about to suspend building operations; or
a licensed housing developer becomes unable to meet its obligations to the purchasers or the public; or
after investigation is made under the provisions of section 14, 15 or 16 of this Ordinance, the Controller is of the opinion that a licensed housing developer —
is likely to become unable to meet its obligations to the purchasers or the public; or
is carrying on its business in a manner detrimental to the interests of its purchasers or to the public,the Minister may, in his discretion, take such action as he may consider necessary in the circumstances.
(2)
Without prejudice to the generality of the foregoing, the Minister may for the purposes of taking action under the provisions of subsection (1) of this section —
require such licensed housing developer to take such steps as he may consider necessary to rectify any matter;
appoint a person to advise such licensed housing developer in the conduct of its business;
direct a company or statutory board to assume control and carry on the business of such housing developer upon such terms and conditions as the Minister may determine; or
direct such licensed housing developer to present a petition to the High Court in Singapore for the winding up of the business of such licensed housing developer.