2A. Prescribed amount of paid-up capital, deposit and security

Amended

Last amended by an amending law of 2016. 2 amendments in all.

(1)

For the purposes of section 5(1)(a) and (b) of the Act, the Controller must not grant a sale licence to a housing developer to carry out or undertake a housing development described in the first column of the Second Schedule unless the housing developer —

(a)

if a company —

(i)

has at least an issued and paid-up capital of the amount specified in the second column of the Second Schedule opposite the housing development; or (ii)lodges with the Controller a deposit or security of at least the amount specified in the third column of that Schedule opposite the housing development; or

(b)

if an individual, a group of persons, a partnership, a society or a limited liability partnership, lodges with the Controller a deposit or security of at least the amount specified in the third column of the Second Schedule opposite the housing development.

(2)

For the purposes of section 5(1)(a) and (b) of the Act, the Controller must not grant a no-sale licence to a housing developer that is a company, unless the housing developer —

(a)

has a paid-up capital of at least $100,000; or

(b)

has lodged with the Controller, in such form and manner and on such terms as the Controller may determine, a deposit or security of $100,000.

Subregulation 1

(a)

if a company —

(i)

(b)

Subregulation 2

For the purposes of section 5(1)(a) and (b) of the Act, the Controller must not grant a no-sale licence to a housing developer that is a company, unless the housing developer —

(a)

has a paid-up capital of at least $100,000; or

(b)

has lodged with the Controller, in such form and manner and on such terms as the Controller may determine, a deposit or security of $100,000.

Report

Read on from reg 3