Clause 22

Without prejudice to any additional restriction or prohibition in any other written law relating to companies, co‑operative societies, societies, limited liability partnerships or partnerships —

a person who is convicted of an offence (whether in Singapore or elsewhere) involving fraud or dishonesty shall not hold or continue to hold a responsible position in a licensed housing developer until the expiration of 5 years after —

the date of his conviction; or

where he is sentenced to a term of imprisonment, the date of his release from imprisonment, whichever date is the later;

a person who is an undischarged bankrupt (whether in Singapore or elsewhere) shall not hold or continue to hold a responsible position in a licensed housing developer; and

any person who holds a responsible position in a licensed housing developer shall cease to hold that position if he suspends payment to or compounds with his creditors.(2) Any person holding a responsible position in a licensed housing developer that —

is wound by a court under the Companies Act (Cap. 50) or the Limited Liability Partnerships Act (Cap. 163A);

is dissolved under section 33, 34 or 35 of the Partnership Act (Cap. 391) or section 24 of the Societies Act (Cap. 311); or

is wound up under section 83 of the Co-operative Societies Act (Cap. 62),shall not, except with the approval in writing of the Minister, hold or continue to hold a responsible position in any other licensed housing developer.(3) Any person who contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 3 years or to both.”.