HOR Fabunal, HOUSING DEVELOPMENT (HOUSING DEVELOPMENT. ACCOUNT) REGULATIONS 1991, [ARRANGEMENT OF REGULATIONS Regulation | 1. Chation nf commencement la. Exemption Intron utes of «developer elting othe Account 134, Deposit mae by the develope Deposit of all monies pid by purchase Purchaser's nner © py et it the Account \ Deposit af loans. ners obtained. ‘Purposes for wich monies in Hosing Development Account may we item, 8, Contin for withérawal of monies ffm Housing Development ‘Accouat 9. With of eps monies om Housing Development Account 1. (Dales, 11, Wiha ofall monies ars fn Hoong Development Account, Ua, Conley wee money ia the Housing Developmen Account 12 Audi. 124. Autor to make sas port ofthe Housing Development Acta 12m, Anite lage # report 1 he Cone. tae, Peay. 13, SainsHOUSING DEVELOPMENT (HOUSING DEVELOPMENT ACCOUNT) REGULATIONS 1991 I enersize of the powers conferred by section 24 of the Housing Development (Cont and Lees) Act 196, the Minter makes te flowing plato: 1. Citation and commencement. ‘These Reztions may be te a he Hoosng Development (oxsing Development Acconat) Regulations 1991 sod shal come Ito free ot he 26th Av 1991 1 Exemption “These Regains shall not aply if a the time of extention ofthe contac of sl, te corte of fies fer occupation o the eerie ‘trcomplein and somptianse, av the case may be for the hooking ‘vcopment as hee shed anda etfied to copy of which bas bee Feared othe parcaser, 2 Interpretation, nthe Regltos, “Housing Development Account” means the Hows Development Account opened and msnaned under section 74 of the |. ates of developer relating tothe Account, (1 Aces housing develope shall within fourteen (1) days afer tie tenance of homing developer’ eee, submit the Conte { Ccruete fom the bank or ntace company with whom the Housing Developent Account Se opened, caring that such an acount bas fact eon opened (@) The developer shal, within fourteen (14) days afer bing notified ty purchaser of te ae nase fis Fiat whois inening the puichse inform the purchaser's fnancier ofthe rae and ares te Bank in wach the Housing Developmeet Ascot is open and ‘sass! amber = ao ee 5 row ‘entom row nh ‘out in ‘ee Pru vata 434, Dept mae by the developer For the purpose of paragraphs (1) ané (6) ofthe Act» deposit of am amount eguvslemt oes per cet of he eins cost of enstrution {cried yan arcitec in charge of the housing development sll Be Ind bythe developer by way of (eas (bb guaran; ot (0) baving« tlaee of an aman uae o nee per cet of the eid cost of onsucion ar ceed by a architect fm charge ofthe howsing development at any ne time i He ossisg Development Account 4. Depo fall monies pld by purchaser. (1) A licensed housing developer aall deposit frtvith into the Housing Development Accra all manes whaler, whether in respect ‘of instalments of purchase rice or eerwise, aid hy = purchaser in reltion to ls purchase of «using scommoiation in & hosing evelopment (2) A tiene Housing developer sal, witia two (2) banking dys fer he paynent fe ade in ech foe amet fo de purchaser that {sh payneat has Been eee the Housing Development Asso 4s, Purchaser’ financier to py aiet into the Account, (0) A purchase’ financier shall within thirty dys ater eeeving invoice ety te ened housing develope in respec ofthe progesve ‘pment relating tothe porehie of 2 housing accommodation by fhe porcase, deposit directly any payment made into the Housing Developme Account witha statement othe Heese housing develope fc the prchaser that sch payment has Bean de (2) Any payment the lensed housing develope’ ota a the stable, ha be jd ety to the slice wih statement 1 te cena tang developer snd the pshae ht suck payment ha bon (6) Any payment with ropa to the redemption sum under Sebel tn Hy shall be past ectly 1 the bak andlor Cina nstitica (tidging imi and he tak ano innit sal ste Strcmen: tote cence housing develop andthe purchaser that suck ‘omen hs ren masDeposit of to A licenced hossing developer shall deposit into the Howsing Development Asroun ay foun ebenined fr the constuction of hoasng ‘commen a hustg developmen 6 Interest obtained. Any interest obisind in respect of maters refered to i repulsion 4 anf egulition $a be deposed ino the Housing Development ‘rpses fr which mones in Housing Development Account may Lim Pil) te with, wan, No monies in a Housing Development Account of a hous evelopment shall be widen by 9 eemed housing developer excep fr allor ay of he flowing purposes (Ge) the payment ofall outgoings isang gut rent, tes ts, ‘esoements and othr charges levied in respect of the land on ‘nich the Rausing developmen seid at () the payment of sap dy payable ona chr, caves bet, m0 forsee or memorandum of epost of tile to secure any 99) Toa iiy forte cestction of Sousing accommodation in the housing development (ee payment of lps fees in respect of ( eta. (id a charg, caves, dsbentice, puree of memorandum (4) Ue dapsto ie seca ay Hall ty forte 7%9) nstacon ofthe hwsingexconmodsin; ad Gi) any other mater eating 1 the Housing devlopnent, the pment of (surance prem o kal contin; and grew iy asics fs, eines’ fs, quit surveyor’ es, 4) land surveyor fees and other eon es, ‘ut fo the onsng development; (6) the cast of carving out ssi inventions {i exrtiwotes Gi) foundation wos (i) ing wert ‘iburel\(9) enteral works (0) sie and Boundary suey foreach at (i) infrcene works: (i) tte of sates, (ita) works rela o infarct preparation insted by The appropriate sures nd (6) ter works ‘sing tothe housing developmen in proporbn to the bowing eommodstios tat sve Been approved under the Ucnsed ing developers Heenee: (he payment of monies for the eaibuton toward th apy of ‘roe and ley to fhe housing development and aay ther Teer puvable thereof to the elevantauhoriy responsble for {he supply of water and saci respect of the Rowing evelopment (he payment fay lanl charges oy Government depart rer Boe in respect of the housing development (any refund of the progres parent pursuant to te se and purse aglemet of &howngacermodation inthe howing fevlopnent (the poyneat of intrest and sch oer charges 10 the banks Oe fnance companies on any loan taken for the howsing Sevelopment (he payment of ay capita um to eee nfo apa the Iba forthe purchose of land forthe busing development in'proorin tothe using accommodation that have beet su (1) the payment of cox of land where no Joan is takes forthe purchase of lod forthe Rousing development, 0 Be male = fallow {amarante to to percent (100) ofthe purchase pice pursuant tee Sale and purehse agreement in Flapect of bowing accommesntion inthe hooting {evelopment where ap to ffs-fve pe eam 35%) of ‘he puss price has Den pai: and (i) « freratsount equal 1 the amount refered (0 in {ospmagrph mete a to sxe pe enti (6595) ‘of te prtase prie asboen pad Provided that payent of ic ameunts tall be in propaton tothe housing sscommodatin fave bee 0 186(te payment of ny capital sam 19 redeem, i flo a par, the loa ir the consrction of housing accommodation i the owing detlopment (any adminirative expenses (nung marketing nd averting 4m rt) pent) inceed on the Housing development, sbjest to a “6 ‘huni ten percent (10) ote tacos of bastion Ur the using development a certied by th aehest oF lner in cas ofthe bong developmen: in eect of te ‘elvan pogesve payment (0) tn payment fo to ipod 00 the Heese housing developer in respec of tt ousng devsopment bythe all Revenve Bose! (oc) any cost and expenses inured ty persons specified by the Us TU) Minister in crying ut the Minister's direction o decision “41 nde subsecion (14 of the Act (6) the payment of any Huis damages pursunt othe housing (70 ‘evelopment | ana () he payest of any defo, ikage coher fault peinng to (hy F4) the projet daring the def silty period; and ‘avn (6) any ober expenses resonably iced in lato tthe housing ‘Evclopmnt tu sich att shall ol be elesed by te tank ‘rfc connpany with whom the Hoang Develpmne Account aiid upon rect the pie spproval in wing of the Conair, 8. Conditions for withdrawal of monies from Hi ‘Account (4) No monies from the Housing Development Ascoust of hosing Um 10 evelopment shall be wi by « eee housing developer except #2) ‘vice the withrawal of aac money is sapped by erie from ‘he archi, engin or ean revere cate may be, in cage ‘ofthe bourieg develope sing ht payment due to be tae foe that purpose and where sich rust is sipported by documents dy eva oy te dietr, popstar, puter cr oice-benre, a5 the S86 my be, ofthe licensed housing develope’ company reauesng the ame Developer (2) The withral of money fom the Housing Development Acsour ‘os bousngdevlopnest by ceased housing developer shall be made Inthe folowing mane (e) in respect of purposes ia paragraphs 7(0, (0) adm), by any Un Pus mode of pyrwa eran sath mode fn favour ofthe ceased Touring developer and ww ‘bora,Yn row fees ie pow ‘sen ee aes eae (6) in respect of all oer pusposes i regulation 7, by any mde of payne ober tan cash me I Tavour of the repactve ‘expen (6) Every chim mae by the lense hoosng developer ander tis ‘regulon fom the Howsing Development Accous» copy of he notice ‘claim shal be submited concave f the Cooler (4) For every claim mae by the licensed housing developer under this rpsation fm the Honsing Development Accom a copy ofthe tank sserent sal He smite to te Canter bore the end of te flowing mont After the issuance of a certifete of fitness or the create of completion ard compliance, a5 the ease may be, for the housiag evelopment th housing developer may, with te aprvalof ie Conwalt, ‘ities my splue monies in the Housing Development Account afer editing (6) the amount rue to complet the housing development and th ele and purchase ur athe ele wad prcase agreement Inespect ofthe housing developments cert bythe aie, enlner or quay survey, the case maybe in charge of the bousing bevelomet, (0) ten pr conta (10%) ofthe snout refered win paragraph (a) Ir contingencies ad atti, and (6) al elms on iudted damages that have heen sted. (cae 10. (Deleted, in 2010 ‘uaa an roca ‘ers 1M, Withdrawal of al monies ie Housing Development Account A licensed ousng developer may, wt he appronal ofthe Conroe, ithe all monies remaining in the Housing Development Accoent her (0) the housing development bas bus competed with the eee of completon snd compliance, () the soso forthe Heened housing developer ha efi tt the obligation ofthe loeted hosing developer in respect of transfer of tle unde ll these and puchao agement In thn housing development have been Tule; and (6) the tet tatty pci has expel.UA, Controller may nie money Inthe Housing Development Account. Ux (0) When the Controle is satisfied thatthe development of housing (re Pa) evelopment edie to the interest ofthe purchases, the Conrler 147 may toe the monies in the Housing Development Accoust of the ‘evelopment ene he campleon ofthe development 12) The Controller may we the sonics inthe Housing Development. 4) count to sompiy wih a award made bythe Trina. ‘owt 1. Ae ‘very auditor of Heated bousing developer sal nh spot othe ‘convalsunder ste 92) of the Act ato Be aul lnc sext ld prot wd fons acount ofthe ecaed bowing developer Tor whan the co is pp, sate wheter or ahs opinion, he ones in the Housing Developnet Account have been within accordance with these Repti. 124, Audi ‘very auditor of seve Housing developer shal within six moths afer te clove of the fmt year of ssh developer, make an anal fepert 1 the Controller ae to the Housing Development Account nd ‘hal ste in every sch epct wheter or ot in his opnco— {o) the Housing Development Accoust hasbeen maintained in Lm PU) sconce ith ese Repulshons ‘aaa (© the scouting andthe records examined by him are propely Sept and (6 tte suitor hn le for an explant e nfemsion frm the offers of agente of the develope, such explanation 9 Infrmiton has bse satis. report of the Hosting Developments 24) ‘mana 12m, Asie te ladge report t the Controle. i, pu “An uior of isensd hang developer aball immedi, i he cin Po found any negates nthe Housing Develapmest Account, ledge epot 08 to the Controller together with «fll samen and relevané documents felting tothe at aod the wo is taundYosoply any inten ot ‘omument if guste bythe Conall 26. Penalty tim, po ‘Any person who contaneneseny provision under these Regulations (at Ma shal be uly of sn offence ad shall oo conviction, be lable fo a he 753) not exceeding ty Gowsnd rag oo imprsonnet for & tem Doe eeseing the yours ot Both ‘Tiara1, Savings. "These Regulation shall no spy wo « Bousng development in whch ‘he hog developer ha obi cece fa repel of esc n aati tote same hosing develope fom the Catlle rior 0 te ommensnet of there Regains Made the 6h fne 1991 ae re ae a {towing be pi of ee Repay ee ing evo sc cag er pining ang Der Ac ‘Symi i cach il ol a th ots a ‘Pudi nop copa hee 2) Shi oe Roe lt ee ie Heine Doo At vr win oe ed ror Sr ngs es gi ‘elvnnt ena an Soot come Seam fey ng ea inn Rh 14 Seg, (0) Nes ep he Rp iy cele nt snes sn nc ct ee Eos ws diet ag Deeg ‘imtoo ela Aur spr a be eh cet ‘einige 1 Ning he ale i fh te me of Hain Delp Ac oa eu cope po amc mo ee oe ia (Mitt tte etre choy Jp ese 10