On 24/05/2013,
you requested for the version in force on 24/05/2013
incorporating all amendments published on or before 24/05/2013.
The closest version currently available is that of 17/01/2011.
Penalty for contravening condition referred to in section 25(7)(a)
25B.
—(1) Where an approved purchaser, by lease or agreement, grants to another the right to occupy any residential property (other than non-restricted residential property) in contravention of any condition referred to in section 25(7)( a), the Controller may, by notice in writing, require the approved purchaser to pay, within a specified period, a financial penalty of such amount (as the Controller thinks fit) not exceeding the highest of one of the following amounts:
(a)
$10,000;
(b)
3 times the amount of rental payable and collected —
(i)
in any case where the lease or agreement was made before the date of commencement of section 12 of the Residential Property (Amendment) Act 2010 — during the period of contravention falling on or after that date; or
(ii)
in any other case — during the period of contravention; or
(c)
3 times the assessed rental reasonably expected to be collected for that residential property —
(i)
in any case where the lease or agreement was made before the date of commencement of section 12 of the Residential Property (Amendment) Act 2010 — during the period of contravention falling on or after that date; or
(ii)
in any other case — during the period of contravention.
(2) The quantum of the financial penalty referred to in subsection (1) shall take into account any security provided by the approved purchaser under section 25(7)(b) and which has been forfeited under section 25(7A) in respect of the same contravention of any condition referred to in section 25(7)(a).
(3) Where an approved purchaser is a company or a limited liability partnership, and the Controller is of the opinion that the failure of the approved purchaser to comply with any condition referred to in section 25(7)(a) 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 or a partner of the limited liability partnership, as the case may be, the Controller shall, together with the notice under subsection (1) to the approved purchaser, inform the person concerned of the Controller’s opinion, and that person shall then be jointly and severally liable with the company or limited liability partnership to pay the financial penalty imposed under subsection (1).
(4) Any financial penalty payable by any approved purchaser or other person under subsection (1) or (3) shall be recoverable by the Controller as a debt due to the Controller from that approved purchaser or other person.
(5) In this section, “assessed rental”, in relation to any residential property, means the market rental for that residential property as assessed by an independent valuer appointed by the Controller.