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On 27/11/2014, you requested the version in force on 27/11/2014 incorporating all amendments published on or before 27/11/2014. The closest version currently available is that of 30/05/1997.
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Restrictions as to purchase under executive condominium scheme
5.
—(1)  Subject to the provisions of this Act, no person shall be entitled to purchase any housing accommodation under the executive condominium scheme if such person or his spouse has at any time —
(a)
between the date of making an application to purchase the housing accommodation and the date of issue of the temporary occupation permit in respect of the housing accommodation, owned or purchased any flat, house, building or land or has an estate or interest therein;
(b)
within 30 months immediately prior to the date of making an application to purchase the housing accommodation, or between the date of such application and the date of issue of the temporary occupation permit in respect of the housing accommodation, sold any flat, house, building or land of which he was the owner, or divested himself of any estate or interest therein;
(c)
made any misrepresentation of a material fact or false statement in a material particular, whether innocently or otherwise, relating to the purchase of the housing accommodation; or
(d)
between the date of making an application to purchase the housing accommodation and the date of issue of the temporary occupation permit in respect of the housing accommodation, become ineligible to purchase the housing accommodation by virtue of any regulation made under section 3(2).
(2)  Where any person purchases any housing accommodation under the executive condominium scheme in contravention of subsection (1), he shall not present for registration under the Land Titles Act (Cap. 157) the assurance of the housing accommodation.
(3)  Where, before the date of issue of the temporary occupation permit in respect of any housing accommodation under the executive condominium scheme, the developer is satisfied that any purchaser has contravened subsection (1) or section 7(1)(a), the developer shall —
(a)
serve a written notice upon the purchaser of the housing accommodation of its intention to lodge with the Registrar of Titles an instrument under subsection (5) for the vesting in the developer of the title to or the estate or interest in that housing accommodation; or
(b)
where no assurance has been registered in favour of the purchaser, serve a written notice upon the purchaser of the housing accommodation of its intention to terminate the sale and purchase agreement.
(4)  Any purchaser who is aggrieved by the service of a notice under subsection (3) may, within 14 days after service of the notice, appeal to the Minister whose decision shall be final and shall not be called in question in any court.
(5)  Where an appeal has been made to the Minister under subsection (4), the developer shall not proceed to lodge any instrument for the vesting of the title to or the estate or interest in the housing accommodation in itself until the appeal has been disposed of.
(6)  The Registrar of Titles shall register any instrument lodged under subsection (5) without being concerned to inquire into its regularity or validity, and upon its registration —
(a)
the title to or the estate or interest in the housing accommodation shall vest in the developer without further assurance free from all encumbrances (save such subsisting covenants, conditions or restrictions, if any, as may be binding upon the developer); and
(b)
the Registrar of Titles shall cancel the registration of any mortgage, charge or assurance thereby overreached and any caveat protecting a mortgage, charge or assurance registered or notified on the land-register.
(7)  Where the developer has lodged any instrument under subsection (5) in respect of any housing accommodation, the developer shall forfeit any moneys paid or deposited in respect of the purchase of the housing accommodation, and any moneys so forfeited less any administrative and legal costs reasonably incurred by the developer in connection with the sale and resale of the housing accommodation shall be paid to the Government, and the Government shall, after deduction of such penalty not exceeding $10,000 as may be prescribed, distribute the remainder of the moneys according to the order of priority prescribed pursuant to section 9(5).
(8)  Nothing in subsection (1) shall disqualify a person from purchasing any housing accommodation under the executive condominium scheme if such person or his spouse has purchased or acquired, with the prior written consent of the Minister, any commercial property not exceeding in value $250,000, or such higher value as the Minister may allow, at the time of purchase.