Clause 4

by deleting the words “A housing developer” in subsection (2) and substituting the words “Subject to subsection (3A), a housing developer”;

by deleting the words “in the prescribed form” in subsection (2) and substituting the words “, in such form and manner as may be specified by the Controller,”;

by deleting the word “balance-sheet” wherever it appears in subsections (2)(e) and (3) and substituting in each case the words “audited accounts”;

by inserting, immediately after subsection (3), the following subsection:“(3A) The Controller may, on the request of a housing developer applying for a licence under subsection (2), modify or waive the requirement for the supply of any document or information referred to in that subsection subject to such conditions as the Controller may impose.”;

by deleting subsection (4) and substituting the following subsection:“(4) Upon receiving an application under subsection (2), the Controller may, subject to section 5 —

grant a licence, unconditionally or subject to such conditions as the Controller considers fit for carrying out the purposes of this Act; or (b)refuse to grant a licence.”;

by deleting “$20,000” in subsection (7) and substituting “$100,000”;

by deleting “$20,000” in subsection (8) and substituting the words “$100,000 or to imprisonment for a term not exceeding 3 years or to both”; and

by deleting subsection (9) and substituting the following subsection:“(9) Any housing developer that is aggrieved by a decision of the Controller under subsection (4) or (5) may, within 10 days after it is notified of the decision, appeal to the Minister whose decision shall be final.”.