Malaysia legislation
Section 8
of Housing Developers (Control And Licensing) Ordinance, 1993
Section 8
(a)
is carrying on his business in a manner which is detrimental to the interests of the purchasers or any member of the public;
(b)
has insufficient assets to cover his liabilities;
(c)
has ceased to carry on housing development in
Sarawak;
(d)
is contravening any of the provisions of this Ordinance;
the Controller may, after having given the licensed housing developer an opportunity to submit reasons within a specified period on why the deposit under section 7 should not be forfeited, forfeit the whole or part of the deposit.
(2)
Notwithstanding subsection (1), the Controller may forfeit the deposit where the licensed housing developer fails to apply for a new licence within two months after the expiry of the licence issued under section 6 in respect of a housing development not having been completed within the period of such licence.
(3)
The deposit forfeited under subsection (1) may be applied to meet any expenses incurred by any person other than the licensed housing developer in complying with or arising from or consequential upon any direction given by the Minister under sections 27 and 28.
12
Refund of deposit