12. Rule 16 of the principal Rules is deleted and the following rule substituted therefor:
—(1) Subject to the provisions of 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, if so required by the assignee by notice in writing, enter into a new agreement with the assignee for the sale and purchase of the unit —
within 3 weeks after receipt of the assignee’s notice; or
upon the purchaser’s assignment of his rights, title and interest to the assignee,
whichever date is the later.
(2) Except as approved by the Controller in writing under paragraph (3), the new agreement between the housing developer and the assignee referred to in paragraph (1) shall contain 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.
(3) 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 housing 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.
(4) Where paragraph (3) applies, the housing developer shall, after the Controller has approved the amendment, alteration or deletion, forthwith deliver the new agreement to the assignee for signing.
(5) The housing developer shall not, except with the prior consent of the Controller in writing, be entitled to require the purchaser or the assignee to agree to, comply with or satisfy, any term or condition before entering into the new agreement with the assignee for the sale and purchase of the unit referred to in paragraph (1).
(6) 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 $400 for costs payable by the housing developer to his solicitor.”.