Singapore legislation
Clause 7
Clause 7
Change of status of local companies and local societies
(1)
Where, after the date of the coming into operation of this Act, any local company has ceased to be a local company and becomes a foreign company, or any local society has ceased to be a local society and becomes a society within the meaning of this Act, the Minister may, by notice in writing in the manner provided in subsection (6) of section 4 of this Act, direct that the estate or interest of such foreign company or society in all its residential properties shall be attached and sold by the Controller in accordance with the provisions of sections 4 and 5 of this Act and a copy of the notice shall be served on —
such foreign company or society; and
the Controller.
(2)
Upon service of the said notice, the provisions of subsections (7) to (9) of section 4 and section 5 of this Act shall apply to such foreign company and society in respect of all such residential properties.