17. Section 31 of the principal Act is amended —
by deleting subsection (5) and substituting the following subsections:
“(5) Subject to subsections (5A) and (5B), the Controller may extend any period referred to in subsection (3)(c) and may, in his discretion, dispense with the requirement to provide security referred to in subsection (3)(c).
(5A) The Controller may, when extending any period referred to in subsection (3)(c), require the housing developer to pay an extension charge of such amount as may be determined by the Controller.
(5B) Any extension charge payable under subsection (5A) need not bear any relationship to the cost of considering an application for and of granting an extension of any period referred to in subsection (3)(c).”;
by inserting, immediately after the words “purchase or acquisition of the residential property” in subsection (7), the words “, or of the market value of the shares, as the case may be”;
by deleting subsection (9) and substituting the following subsection:
“(9) Where a housing developer is a company, limited liability partnership or society and the Controller is of the opinion that the failure of the housing developer to comply with any condition referred to in subsection (3)(a) or (b) was committed with the consent or connivance of, or was attributable to any neglect on the part of any person who is a director of the company, a partner of the limited liability partnership or a member of the governing body or board of trustees of the society, as the case may be, the Controller shall, together with the notice under subsection (7) to the housing developer, inform the person concerned of the Controller’s opinion, and that person shall then be jointly and severally liable with the company, limited liability partnership or society to pay the financial penalty imposed under subsection (7).”;
by deleting subsections (11) and (12); and
by inserting, immediately after subsection (18), the following subsection: