On 26/05/2013,
you requested for the version in force on 26/05/2013
incorporating all amendments published on or before 26/05/2013.
The closest version currently available is that of 05/09/1997.
8. Rule 16 of the principal Rules is deleted and the following rule substituted therefor:
16.
—(1) Subject to this rule, where a purchaser of a unit in a housing project intends to assign or has assigned all his rights, title and interest under an agreement made between him and a housing developer for the sale and purchase of the unit, the housing developer shall, within 3 weeks of being so required in writing by the assignee, enter into a new agreement with the assignee for the sale and purchase of the unit with such terms and conditions as shall place the housing developer and the assignee in the same position as regards their respective rights and obligations as if the assignee were substituted for the purchaser in the original agreement.
(2) Where the new agreement requires or contains any amendment or alteration to or deletion of any term or condition in the original agreement for the sale and purchase of the unit, the developer shall submit an application to the Controller for approval of such amendment, alteration or deletion within one week of being required by an assignee to enter into a new agreement for the sale and purchase of the unit under paragraph (1), and the Controller may approve (wholly or partly and with or without modifications) or disapprove such an application.
(3) The housing developer shall forthwith deliver to an assignee for the assignee’s signature the new agreement containing any amendment or alteration to or deletion of the terms and conditions in the original agreement only after the Controller has approved the amendment, alteration or deletion.
(4) The housing developer shall be entitled to charge the assignee a fee not exceeding $200 (exclusive of goods and services tax) and to require the assignee to reimburse him up to the amount of $200 for costs payable by the housing developer to his solicitor.”.