—(1) Notwithstanding anything in any written law, a Singapore society shall not become a foreign society unless —
in the case of a Singapore society which owns any residential property that is not non-restricted residential property, it has obtained the prior approval of the Minister to become a converted society pursuant to section 26; or
(2) For the purposes of subsection (1)(b), the Controller shall grant the approval for the Singapore society to become a foreign society if he is satisfied that the Singapore society does not own any residential property apart from non-restricted residential property.
(3) Upon a Singapore society being granted an approval under subsection (1)(a) or (b), the Controller shall cancel the certificate issued to the Singapore society under section 16(2).
(4) Notwithstanding any approval given by the Minister or the Controller for the purposes of subsection (1)(a) or (b), as the case may be, the Controller may —
if he subsequently discovers that the society owns any residential property in respect of which the Minister has not granted any approval under section 25 or 26 for the society to purchase, acquire or retain the residential property and the residential property is not non-restricted residential property; or
if he subsequently discovers that the society had made a misrepresentation to the Controller,
obtain the Minister’s direction to require the society to dispose of the residential property.
(5) Where any residential property is to be disposed of pursuant to the Minister’s direction obtained under subsection (4), section 9(8) to (14) shall apply, with the necessary modifications, to the manner of disposal of the residential property and the rights of a mortgagee or chargee (if any) of the residential property.