Clause 5

by deleting the words “a foreign person is a foreign company which is the owner” in subsection (1) and substituting the words “a foreign company is the owner”;

by deleting the words “records of the Registrar of Titles or the Registrar of Deeds” in subsection (5) and substituting the words “relevant records in the Land Titles Registry or the Registry of Deeds of the Authority”;

by deleting the words “records of the Registrar of Titles or the Registrar of Deeds” in the 4th and 5th lines of subsection (6) and substituting the words “relevant records in the Land Titles Registry or the Registry of Deeds of the Authority”; and

by deleting subsections (7) to (10) and substituting the following subsection:“(7) Where a foreign company which is directed under subsection (4) to dispose of its estate or interest in any residential property does not satisfy the Controller that it has transferred its estate or interest within the period or within any extension of time granted under subsection (6), the Minister may issue to the Controller a notice to attach and sell the estate or interest in that property, and a copy of the notice shall be served on —

the foreign company which is the owner of the estate or interest in the residential property; and

each subsisting mortgagee or chargee (if any) who appears as such in the relevant records in the Land Titles Registry or the Registry of Deeds of the Authority, as the case may be.”.