Singapore legislation
Clause 32
Clause 32
Immovable property
(1)
No designated financial holding company shall acquire or hold interests in or rights over immovable property, wherever situated.
(2)
Notwithstanding subsection (1) —
a designated financial holding company may, within 6 months after its designation date or such longer period as the Authority may allow in any particular case, hold interests in or rights over immovable property, wherever situated; but(b)the designated financial holding company shall not continue to hold the interests in or rights over immovable property, after the period referred to in paragraph (a) unless it obtained the approval of the Authority.
(3)
In addition to the restriction under subsection (1), the Authority may make such regulations as may be necessary or expedient for the purpose of limiting, in relation to a designated financial holding company, the acquisition or holding of interests in or rights over immovable property by the FHC group of the designated financial holding company in such manner as the Authority may determine.
(4)
For the purposes of complying with regulations under subsection (3), a designated financial holding company shall aggregate, in such manner as may be prescribed, the value of every interest in or right over immovable property that is acquired or held by any company within the FHC group of the designated financial holding company.
(5)
In this section, “immovable property” shall exclude the following:
any interest in or right over immovable property or any part thereof used for the purposes of conducting the business of any of the companies within its FHC group or housing or providing amenities for the officers of any of the companies within its FHC group;
any interest in or right over immovable property held by way of security for the purposes of a transaction entered into in the ordinary course of the business of any of the companies within its FHC group;
any interest in or right over immovable property held by way of enforcement of such security referred to in paragraph (b), provided that it is disposed of at the earliest suitable opportunity; (d)any interest in or right over immovable property or any part thereof held for the benefit of persons other than any company in the FHC group pursuant to an obligation imposed under any written law, rule of law, contract or order of court; and
such other interest in or right over immovable property as the Authority may prescribe.
(6)
The Authority may make regulations to provide for the manner of valuation or apportionment of immovable property for the purposes of this section.
(7)
Any designated financial holding company which contravenes subsection (1), (2) or (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part thereof during which the offence continues after conviction.