Application for approval by Singapore entity with residential properties to become converted entity and for retention of its residential properties
—(1) Any Singapore entity which, pursuant to section 9, intends to seek the prior written approval of the Minister for its conversion to a converted entity, and for the retention of all its estate or interest in all or in one or more of its residential properties, not being non-restricted residential properties, which the Singapore entity intends should remain vested in the converted entity upon such conversion, shall make application to the Controller, in such form as he may require, for the grant of approval for such conversion and for such retention.
(2) Every such application shall state such particulars as the Controller may require.
(3) The Controller shall forward every such application to the Committee; and after consideration thereof, the Committee shall make recommendations thereon to the Minister who may, in his discretion, grant, with or without conditions (or refuse to grant), approval for —
the conversion of the Singapore entity to a converted entity; and
the retention of all or one or more of its residential properties in respect of which it has made application therefor.
(4) The Minister may direct that all the residential properties that are not non-restricted residential properties in respect of which approval was not granted under subsection (3)(b) shall be transferred to any citizen or approved purchaser.