Housing Development (Control and Licensing) Act 1966 · Updated to 2 Mar 2016 · Part III · Duties of a Licensed Housing Developer
7C. Freezing of the Housing Development Account
Feedback & supportIf the Controller has reason to believe that a licensed housing developer is carrying on his business in a manner detrimental to the interest of the purchasers or is contravening any of the provision of this Act, the
Controller
“Controller” means the Controller of Housing appointed under section 4;
Controller may in writing order a freeze on the Housing Development
housing development
“housing development” means to develop or construct or cause to be constructed in any manner whatsoever more than four units of housing accommodation and includes the collection of moneys or the carrying on of any building operations for the purpose of erecting housing accommodation in, on, over or under any land; or the sale of more than four lots of land or building lots with the view of constructing more than four units of housing accommodation;
Account and direct the bank or finance company, as the case may be, not to part with, deal in or otherwise permit any withdrawal of any moneys from the Housing Development Account until the order is revoked or varied or unless in accordance with any conditions as may be imposed by the Controller at his absolute discretion from time to time during the currency of the order.
bank
“bank” means any bank licensed under the Banking and Financial Institutions Act 1989 or under the Islamic Banking Act 1983;
No bank or finance company, or director, officer or employee of the bank or finance company, as the case may be, shall be subject to any claim or demand by or liability to any person in respect of anything done or omitted to be done in good faith in pursuance of or execution or intended execution of or in connection with the execution or intended execution of an order of the Controller under subsection (1).
finance company
“finance company” means any finance company licensed under the Banking and Financial Institutions Act 1989;
Any person who fails to comply with an order of the Controller under subsection (1) shall be guilty of an offence and shall be liable to a fine not exceeding one hundred thousand ringgit.
Arrangement or agreement affecting the business of a licensed housing developer
licensed housing developer
“licensed housing developer” means any housing developer licensed under section 5 to engage in or carry on or undertake a housing development and includes the holder of any power of attorney of such housing developer duly created under the Powers of Attorney Act 1949;