Section 16
Appointment of auditors
of Housing Developers (Control and Licensing) Act
(1)
Every licensed housing developer shall appoint annually an auditor, who shall be approved by the Board, whose duties shall be to make a report to the Board upon the annual balance sheet and accounts of the housing developer. The auditor shall in every such report state in his opinion whether —
(a)
the balance sheet is fully, fairly and properly drawn up;
(b)
the balance sheet exhibits a true and correct statement of the licensed housing developer’s affairs;
(c)
the accounting and records examined by him have been properly kept; and
(d)
if the auditor has called for any information from the licensed housing developer, that information has been satisfactory.
(2)
If a licensed housing developer fails to appoint an auditor under subsection (1) or at any time fails to fill a vacancy for an auditor, the Board shall have power to appoint an auditor and shall fix the remuneration to be paid by the licensed housing developer to that auditor.
Housing Developers
(Control and Licensing)
B.L.R.O. 5/2023 17
(3)
Every auditor shall have the right of access at all times to the accounting and other records of the licensed housing developer and shall be entitled to require such information as he desires for the purpose of audit from the licensed housing developer or from any other person who is in possession of or who could give such information.
(4)
No person having an interest in the business of a licensed housing developer, whether as a shareholder or otherwise, and no director, officer, employee or agent of that licensed housing developer shall be eligible for appointment as the auditor to that licensed housing developer.
Action by Minister if licensed housing developer unable to meet obligations or conducting business to detriment of purchasers or public 17.
(1)
Where —
(a)
a licensed housing developer informs the Board —
(i)
that he considers that he is likely to become unable to meet his obligations; or
(ii)
that he is about to suspend his housing development;
(b)
a licensed housing developer becomes unable to meet his obligations to the purchasers or to the public;
(c)
a licensed housing developer is carrying on his business in a manner detrimental to the interests of its purchasers; or
(d)
the licence of a housing developer has been revoked under section 12(1), the Board may refer such matter to the Minister who may, in his discretion, take such action as he may consider necessary in the circumstances.
(2)
Without prejudice to the generality of subsection (1), the Minister may for the purposes of taking action under that subsection —
(a)
require the licensed housing developer or housing developer to take such steps as he may consider necessary to rectify any matter;
(b)
appoint any person to advise the licensed housing developer or housing developer in the conduct of his business or in the termination of his business;
Housing Developers
(Control and Licensing)
(c)
with the concurrence of the Minister of Finance and
Economy, direct a person to assume control of and to carry on the business of the licensed housing developer upon such conditions as the
Minister may determine; or
(d)
direct the licensed housing developer to present a petition to the Court for the winding up of the business of the licensed housing developer or housing developer.