s 90 Vesting of reversion, etc., in Board
90.—(1) At any time on or after the relevant date in respect of the housing accommodation built on any parcel of land by an approved developer under this Part, the Minister may, by notification in the Gazette, declare that —(a) the following vests in the Board:(i) the reversion immediately expectant on the lease of every housing accommodation sold by the approved developer; (ii) the entire estate in any commercial property built by the approved developer on that same parcel of land; and (iii) the entire estate in the common property (if any) built by the approved developer on that same parcel of land; and (b) a lease of each unsold housing accommodation vests in the approved developer.[29/2005] (2) Upon the publication of a notification mentioned in subsection (1) —(a) the reversion immediately expectant on every lease mentioned in subsection (1)(a)(i) vests in the Board, and the Board has all powers, rights and remedies to which the approved developer as the reversioner was by law entitled, and is subject, to all the covenants and conditions in the lease to be performed and observed by or on the part of the approved developer; (b) the entire estates in the commercial property and common property mentioned in subsection (1)(a)(ii) and (iii), respectively, vest in the Board free from all encumbrances; and (c) a lease of each unsold housing accommodation mentioned in subsection (1)(b) vests in the approved developer.[29/2005] (3) An approved developer whose land is the subject of a notification mentioned in subsection (1) is entitled to receive any compensation that is agreed (whether before, on or after the declaration is registered) between the Board and the approved developer.[29/2005] (4) After a notification mentioned in subsection (1) is published, the Board may take possession of the commercial property and common property described in that notification.[29/2005] (5) To avoid doubt, this section does not prejudice the enforcement —(a) by any purchaser of any housing accommodation or any other person of any right or claim against an approved developer; or (b) by the approved developer of any right or claim against any purchaser of any housing accommodation or any other person, arising out of or concerning any matter or thing done before the date the notification mentioned in subsection (1) is published. [65P [29/2005]