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bruneilawsby aturio
In force2023 Revised Edition
Contents

Part · Licensing of Housing Developers

17. Action by Minister if licensed housing developer unable to meet obligations or conducting business to detriment of purchasers or public

(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the licence of a housing developer has been revoked under section 12(1), the Board may refer such matter to the Minister who may, in his discretion, take such action as he may consider necessary in the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.

Report

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