Singapore legislation

Clause 5

of Housing Developers (Control and Licensing) (Amendment) Bill

Clause 5

Repeal and re-enactment of section 5

Section 5 of the principal Act is repealed and the following section substituted therefor:“Licences not to be granted in certain cases5.—

(1)

The Controller shall not grant a licence under section 4(4) to a housing developer that —

(a)

is a company, unless the housing developer —

(i)

has an issued and paid-up capital of such amount as may be prescribed by the Minister; or

(ii)

has lodged with the Controller, in such form and manner and on such terms as the Controller may determine, a deposit or security of such sum as may be prescribed by the Minister;

(b)

is an individual, a group of persons, a partnership, a society or a limited liability partnership, unless the housing developer has lodged with the Controller, in such form and manner and on such terms as the Controller may determine, a deposit or security of such sum as may be prescribed by the Minister;

(c)

has a person holding a responsible position therein who, at any time within a period of 5 years immediately before the date of the application by the housing developer under section 4(2) for a licence —

(i)

has been convicted (whether in Singapore or elsewhere) of an offence involving fraud or dishonesty; or

(ii)

has served any sentence of imprisonment (whether in Singapore or elsewhere) in respect of an offence involving fraud or dishonesty; or

(d)

is an undischarged bankrupt (whether in Singapore or elsewhere) or has an undischarged bankrupt (whether in Singapore or elsewhere) holding a responsible position therein.(2) For the purposes of subsection (1)(a) and (b), the Minister may prescribe for different housing developers or classes of housing developers —

(a)

different amounts of issued and paid-up capital; or

(b)

different sums of deposit or security.”.

Read in full context — Housing Developers (Control and Licensing) (Amendment) Bill →