Housing and Development (Amendment) Bill

by deleting the word “and” at the end of paragraph (c); and

by deleting the full-stop at the end of paragraph (d) and substituting the word “; and”, and by inserting immediately thereafter the following paragraph:“(e)prescribing the penalty (such penalty, if unpaid, to constitute a debt due to the Board and be recoverable as such) to be paid by the person who leases a flat from the Board, for non-observance or non-compliance with any of the restrictions, conditions or requirements of the lease.”.

Subject to subsection (4), any contract or agreement to directly or indirectly use protected property (or the proceeds of sale of protected property) as security or collateral for any debt, obligation or claim shall be null and void.(2) Any act (including the deposit of title deeds), deed, instrument or document that purports to protect rights under or give effect to any contract or agreement that is null and void under subsection (1) shall be of no effect and shall not result in or create any interest in land or be capable of being registered under the provisions of the Registration of Deeds Act (Cap. 269) or the Land Titles Act (Cap. 157).(3) Where any deed, instrument or document referred to in subsection (2) is registered under the provisions of the Registration of Deeds Act or the Land Titles Act —

the Board may, by an instrument lodged with the Registrar of Deeds or the Registrar of Titles, as the case may be, declare such deed, instrument or document to be null and void; and

the Registrar of Deeds or the Registrar of Titles shall register the instrument lodged by the Board under paragraph (a) without being concerned to inquire into its regularity or validity, and upon registration thereof shall cancel the registration of such deed, instrument or document declared by the Board to be null and void.(4) Subsection (1) does not apply if the security or collateral is to be created or granted in favour of —

the Board;

an approved financial institution; or

any person or person belonging to a class of persons prescribed by the Minister as a person to whom, or a class of persons to which, subsection (1) will not apply.(5) No protected property shall vest in the Official Assignee on the bankruptcy of the owner thereof.(6) No protected property shall be attached in execution of an order of any court unless the order of the court is obtained by —

a mortgagee in exercise of his rights under a mortgage created with the prior written consent of the Board over that property; or

a chargee in exercise of his rights under a charge under any written law over that property.(7) Subsections (5) and (6) shall not apply if the sole owner of any protected property is not a citizen of Singapore or, where there is more than one owner, all the owners are not citizens of Singapore.(8) No trust in respect of any protected property shall be created by the owner thereof without the prior written approval of the Board.(9) Every trust which purports to be created in respect of any protected property without the prior written approval of the Board shall be null and void.(10) No person shall become entitled to any protected property (or any interest in such property) under any resulting trust or constructive trust whensoever created or arising.(11) In this section —“approved financial institution” means —

any bank licensed under the Banking Act (Cap. 19);

any finance company licensed under the Finance Companies Act (Cap. 108);

any direct insurer registered under the Insurance Act (Cap. 142); and

any merchant bank approved as a financial institution under the Monetary Authority of Singapore Act (Cap. 186);“proceeds of sale”, in relation to any property, means the proceeds from any transaction involving the sale, transfer, conveyance, assignment, mortgage, charge or the disposal in any manner of the property or an estate or interest in the property;“protected property” means any flat, house or other building that has been sold by the Board under the provisions of this Part;“Registrar of Deeds” means the Registrar of Deeds appointed under the Registration of Deeds Act (Cap. 269) and includes any Deputy Registrar of Deeds;“Registrar of Titles” means the Registrar of Titles appointed under the Land Titles Act (Cap. 157) and includes any Deputy Registrar of Titles and Assistant Registrar of Titles.”.