—(1) No mortgagee or chargee, when exercising his power of sale in respect of any estate or interest in any residential property that is not non-restricted residential property, shall transfer the estate or interest to a foreign person.
(2) Every mortgagee who, in relation to an estate or interest in any residential property that is not non-restricted residential property, has obtained an order for foreclosure or who becomes vested by an instrument or otherwise with the entirety of that estate or interest, shall sell to a citizen or an approved purchaser that estate or interest within a period of 3 years of the date of such order or of the date of the vesting of such estate or interest in the mortgagee; but the Minister shall have power to extend the period, from time to time, for such cause as appears to him to be just and reasonable.
(2A) The Minister may, when extending the period under subsection (2), impose such conditions as he thinks fit, including a condition that the mortgagee shall provide such security as may be determined by the Minister for the purposes of complying with any condition imposed by the Minister.
(2B) If a mortgagee fails to comply with any of the conditions imposed by the Minister under this section, the Controller may forfeit (in part or whole) the security provided by the mortgagee under this section, after giving 21 days’ notice in writing to the mortgagee of his intention to forfeit the security and the grounds thereof.
(2C) A mortgagee may, upon receipt of the notice under subsection (2B), appeal to the Minister within 3 months from the date of that notice.
(2D) The Minister may determine an appeal under subsection (2C) by confirming or varying the Controller’s decision to forfeit the security, or by ordering the refund (in part or whole) of any security forfeited under subsection (2B); and the decision of the Minister on any such appeal shall be final and shall not be called in question in any court.
(3) Where such mortgagee does not sell the estate or interest in the residential property that is not non-restricted residential property within the period specified in subsection (2) (including any extension thereof), the Minister may issue to the Controller a notice to attach and sell the mortgagee’s estate or interest in that residential property.