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Akan Datang...COMING SOON |
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Thursday, 29 April 2010 |
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A bill was introduced on 26 April 2010 in Singapore Parliament for amendment of the Land Titles (Strata) Act to further streamline the rules concerning collective sales. More checks and balances are introduced. There is now a need for a waiting time of at least 2 years after a failed collective sale before any attempt is permitted to convene a general meeting for the purpose of a collective sale. In addition, at least 50% of the subsidiary proprietors either in the number of lots or share values, in that development must consent to petition for a general meeting for such purpose. Further attempt after that failed collective sale would require up to 80% of consent of the subsidiary proprietors for convening any future general meeting. The bill also proposes that a general meeting convened for the purpose of a collective sale will stand automatically dissolved if the quorum is not present within 60 minutes after the specified time for the meeting. The changes are expected to take effect in June this year when the bill is passed.
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