Section 15
Sale or disposal of business requires approval of Board
of Housing Developers (Control and Licensing) Act
ActIn forceProvision 15 of 19
Section 15
(1)
Every licensed housing developer shall inform the Board of any proposed arrangement for any sale or disposal of its business relating to housing development, whether by amalgamation or otherwise, and of any proposal for reconstruction.
(2)
The Board may approve or withhold approval of such proposed arrangement or reconstruction.
(3)
Any licensed housing developer aggrieved by a decision of the
Board under subsection (2) may, within 14 days of being notified of the decision, appeal to the Minister whose decision is final.
(4)
Any licensed housing developer who fails to comply with subsection (1) is guilty of an offence.