—(1) Except with the prior written consent of the Minister, no person shall —
between the date of making an application to purchase any housing accommodation under the executive condominium scheme and the date of issue of the temporary occupation permit in respect of the housing accommodation; or
within the minimum occupation period,
transfer the housing accommodation or any estate or interest therein to any other person, whether for consideration or by way of gift inter vivos or otherwise, or create any trust for sale in respect of the housing accommodation or any estate or interest therein in favour of any other person.
(2) Any transfer made or trust created in contravention of subsection (1) shall be null and void.
(3) Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000.