Clause 4

by deleting subsections (4), (5) and (6) and substituting the following subsections: —“(4) Where the Controller is satisfied that a foreign company which is required by subsection (1) to dispose of an estate or interest in any residential property in Singapore has failed to dispose of the same on or before the 11th day of September 1983 (or within such further period as the Minister may, by notification in the Gazette, appoint), the Controller may give directions in writing to the foreign company to transfer all its estate or interest in its residential property to any citizen or approved purchaser within such period as the Controller may specify being a period of not less than ninety days and not more than six months of the date of service of the direction on the foreign company.(5) A direction given by the Controller under subsection (4) shall be served upon the foreign company which is required to transfer its estate or interest in any residential property and its subsisting mortgagees or chargees (if any) who appear as such in the records of the Registrar of Titles or the Registrar of Deeds, as the case may be.(6) A foreign company which is directed by the Controller to transfer its estate or interest in any residential property and its subsisting mortgagees or chargees who appear as such in the records of the Registrar of Titles or the Registrar of Deeds, as the case may be, may apply within sixty days of the date of service of the Controller’s direction to the Minister for an extension of the time specified by the Controller under subsection (4) to dispose of the estate or interest in the residential property owned by the foreign company and the Minister may at his discretion refuse to grant any extension or may grant such an extension of time as he may deem fit for the transfer of the estate or interest in the residential property owned by the foreign company to any citizen or approved purchaser.”; and

by deleting the words “(including any extension) specified in that subsection” in the fourth and fifth lines of subsection (7) and substituting the words “or within any extension of time granted under subsection (6)”.