Clause 12

Notwithstanding anything in any written law, a Singapore society which intends to acquire any estate or interest in any residential property other than non-restricted residential property shall, prior to the vesting of the estate or interest in that property in the trustees of the society, furnish the Controller with a list of its trustees and members containing the particulars of their nationality and such other particulars as the Controller may require.(2) The Controller may, if he is satisfied that the requirements of subsection (1) are complied with and that the society is a Singapore society, issue to the society a certificate stating that the society may acquire and retain residential properties in accordance with the provisions of this Act.(3) The Controller may at any time require a Singapore society which has been issued a certificate under subsection (2) to produce its list of members and trustees for his inspection if the Controller desires to ascertain whether the Singapore society has ceased to be a Singapore society.(4) The Controller may at any time cancel a certificate issued under subsection (2) if he is satisfied that —

in the case of a Singapore society which does not own any residential property that is not non-restricted residential property, the Singapore society has become a foreign society without obtaining the prior written approval of the Controller under section 17; or

in the case of a Singapore society which owns any residential property that is not non-restricted residential property, the Singapore society has become a converted society without obtaining the prior written approval of the Minister under section 26.(5) The Controller shall, upon the application by any Singapore society which is a holder of a certificate issued by the Controller under subsection (2), cancel the certificate if the Controller is satisfied that the Singapore society does not own any residential property that is not non-restricted residential property.(6) Any Singapore society which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000.Singapore society becoming foreign society17.—

Notwithstanding anything in any written law, a Singapore society shall not become a foreign society unless —

in the case of a Singapore society which owns any residential property that is not non-restricted residential property, it has obtained the prior approval of the Minister to become a converted society pursuant to section 26; or

in the case of a Singapore society which claims that it does not own any residential property apart from non-restricted residential property, it has obtained the prior approval of the Controller under subsection (2) to become a foreign society.(2) For the purposes of subsection (1)(b), the Controller shall grant the approval for the Singapore society to become a foreign society if he is satisfied that the Singapore society does not own any residential property apart from non-restricted residential property.(3) Upon a Singapore society being granted an approval under subsection (1)(a) or (b), the Controller shall cancel the certificate issued to the Singapore society under section 16(2).(4) Notwithstanding any approval given by the Minister or the Controller for the purposes of subsection (1)(a) or (b), as the case may be, the Controller may —

if he subsequently discovers that the society owns any residential property in respect of which the Minister has not granted any approval under section 25 or 26 for the society to purchase, acquire or retain the property and the property is not non-restricted residential property; or

if he subsequently discovers that the society had made a misrepresentation to the Controller,obtain the Minister’s direction to require the society to dispose of the residential property.(5) Where any residential property is to be disposed of pursuant to the Minister’s direction obtained under subsection (4), section 9(8) to (14) shall apply, with the necessary modifications, to the manner of disposal of the residential property and the rights of a mortgagee or chargee (if any) of the residential property.Registrar may refuse to register instrument of transfer in favour of Singapore society

all the members of the society are citizens; and

the trustees of the society are either citizens or a trust company licensed under the Trust Companies Act 2005 (Act 11 of 2005).”.