—(1) Notwithstanding anything in any written law, a Singapore society which intends to acquire any estate or interest in any residential property other than non-restricted residential property shall, prior to the vesting of the estate or interest in that residential property in the trustees of the society, furnish the Controller with a list of its trustees and members containing the particulars of their nationality and such other particulars as the Controller may require.
(2) The Controller may, if he is satisfied that the requirements of subsection (1) are complied with and that the society is a Singapore society, issue to the society a certificate stating that the society may acquire and retain residential properties in accordance with the provisions of this Act.
(3) The Controller may at any time require a Singapore society which has been issued a certificate under subsection (2) to produce its list of members and trustees for his inspection if the Controller desires to ascertain whether the Singapore society has ceased to be a Singapore society.
(4) The Controller may at any time cancel a certificate issued under subsection (2) if he is satisfied that —
in the case of a Singapore society which does not own any residential property that is not non-restricted residential property, the Singapore society has become a foreign society without obtaining the prior written approval of the Controller under section 17; or
(5) The Controller shall, upon the application by any Singapore society which is a holder of a certificate issued by the Controller under subsection (2), cancel the certificate if the Controller is satisfied that the Singapore society does not own any residential property that is not non-restricted residential property.