11. Section 24 of the principal Act is amended —
(a)
by deleting subsections (1), (2) and (3) and substituting the following subsections:
“(1) Notwithstanding any written or other law but subject to any regulations made under section 77(1) —
(a)
no withdrawals made from the Fund under this Act and no rights of any member of the Fund acquired thereunder; and
(b)
no moneys repayable to the Fund by any member of the Fund which are secured by —
(i)
a charge on his estate or interest in an immovable property under section 21(1) or 21A (1); or
(ii)
a charge constituted on an HDB flat under section 21B(1),
shall be assignable, transferable, attached, sequestered or levied upon for or in respect of any debt or claim, or be subject to any set-off of any nature for any debt owing by the member.
(2) Notwithstanding any written or other law, every investment made by a member of the Fund under any scheme in accordance with any regulations made under section 77(1)(n), and the proceeds and benefits of the investment, shall not be assignable, transferable, attached, sequestered or levied upon for or in respect of any debt or claim, or be subject to any set-off of any nature for any debt owing by the member.
(3) Notwithstanding anything in the Bankruptcy Act (Cap. 20), if a member of the Fund is adjudicated a bankrupt by a court, every investment made by the member under any scheme in accordance with any regulations made under section 77(1)(n) and the proceeds and benefits of the investment —
(a)
shall not pass to the Official Assignee on the bankruptcy of the member; and
(b)
shall be deemed not to form part of the property of the member.”;
(b)
by deleting the word “All” in subsection (3A) and substituting the words “Subject to section 16A, all”; and