Clause 9

by deleting subsection (2) and substituting the following subsection:“(2) The Controller may, on the application of the licensed housing developer, allow the licensed housing developer to open and keep more than one Project Account for a building project where —

the building project is to be developed in phases; or (b)the building project comprises units for 2 classes of use, namely residential and commercial purpose.”;

by deleting the words “an approved company auditor under the Companies Act” in subsection (7) and substituting the words “a public accountant”;

by deleting the marginal reference “Cap. 50.” in subsection (7);

by inserting, at the end of subsection (10)(a), the word “or”;

by deleting paragraphs (b) and (c) of subsection (10) and substituting the following paragraph:“(b)a licensed housing developer that furnishes security to the Controller, in such form and manner and on such terms as the Controller may determine, for an amount equivalent to not less than 140% of the total cost of construction of the building project (as at the time of furnishing of the security) as certified by the architect in charge of the building project.”;

by inserting, immediately after the words “subsection (1)” in subsection (11), “, (3)”; and

by deleting “$10,000” in subsection (11) and substituting “$50,000”.