Singapore legislation

Clause 6

of Residential Property (Amendment) Bill

Clause 6

Amendment of section 7

Section 7 of the principal Act is amended —

(a)

by deleting the words “or Singapore society” in the first and in the eleventh lines of subsection (1);

(b)

by deleting the words “or a converted society, as the case may be,” in the fifth and sixth lines of subsection (1);

(c)

by deleting the words “or the converted society, as the case may be,” in the twelfth and thirteenth lines of subsection (1);

(d)

by inserting, immediately after subsection (1), the following subsection: —“(1A) No Singapore society which is the owner of any estate or interest in any residential property purchased or acquired on or after the 11th day of September 1973 shall, on or after the appointed day, become a converted society without first seeking and obtaining the written approval of the Minister, in the manner provided in section 17, for such conversion and for the retention of all its estate or interest in all or any of its residential properties which such Singapore society intends to retain after conversion.”;

(e)

by inserting, immediately after the words “subsection (1)” in the first line of subsection (2), the words “or (1A)”;

(f)

by inserting, immediately after the words “subsection (1)” in the first line of subsection (3), the words “or (1A)”;

(g)

by inserting, immediately after the words “subsection (1)” in the ninth line of subsection (3), the words “or (1A)”; and

(h)

by inserting, immediately after the words “subsection (1)” in the fourth line of subsection (4), the words “or (1A)”.

Read in full context — Residential Property (Amendment) Bill →