PART V
GENERAL PROVISIONS
33. .—(1) Where entitlements in respect of securities purchased with CPF contributions withdrawn under these Regulations, whether listed or quoted on the Singapore Exchange and whether denominated in Singapore currency or not, are offered to the member at no cost, the entitlements shall be deemed to be purchased with CPF contributions and be held in the member’s CPF Investment Account, ordinary account or special account, as the case may be.
(2) Where entitlements in respect of securities purchased with CPF contributions withdrawn under these Regulations, whether listed or quoted on the Singapore Exchange and whether denominated in Singapore currency or not, are offered to the member at a cost, the member shall, if he decides to take up these entitlements —
(a)
where the underlying investments of these entitlements are of a type approved by the Board under these Regulations, purchase these entitlements with CPF contributions withdrawn under these Regulations whereupon these entitlements shall be held in the member’s CPF Investment Account, ordinary account or special account, as the case may be;
(b)
where the underlying investments of these entitlements are not of a type approved by the Board under these Regulations, purchase these entitlements with cash.
(3) Where a member sells his entitlement to any rights issue in respect of any of the securities purchased under these Regulations, the whole proceeds of the sale, less any expenses as the Board may permit, shall forthwith be credited to his CPF Investment Account, ordinary account or special account, as the case may be.
(4) All dividends declared, and interest or income earned, in respect of securities purchased by a member under these Regulations shall be credited to the member’s CPF Investment Account or special account, as the case may be.
34.
—(1) Where a member has purchased any securities under Part II or IV and wishes to withdraw the net realised profits arising from such purchase, the member shall apply to the Board to withdraw the net realised profits within one year from the end of each accounting year .
(2) An application made by a member under paragraph (1) may be approved subject to such terms, conditions and procedures as the Board may impose.
(3) The net realised profits of each accounting year shall be calculated in accordance with the following formula:
GRA = A + B — C — D — E — F |
where in relation to that accounting year —
GRA is the gross realised amount; | |
A | Is the sale or disposal price of the securities; |
B | Is the total amount of dividends, interest and income received prior to the sale or disposal of the securities, interest earned in the CPF Investment Account and the Share Profit Account and any net realised profits carried forward from the previous accounting year; |
C | is the total sum of the costs (including weighted average cost, where applicable) of investment in the securities sold or disposed of; |
D | is the total amount of expenses, charges, fees incurred on the purchase of the securities and on the sale or disposal of such securities; |
E | is the total interests that would have accrued in the member’s CPF ordinary account had he not withdrawn the available amount under these Regulations; and |
F | is the net realised loss carried forward from the previous accounting year. |
(4) Where the gross realised amount is positive, it shall be deemed to be the net realised profits, and where the gross realised amount is negative, it shall be deemed to be the net realised loss.
(5) A member shall be entitled to withdraw the net realised profits in the following accounting year.
(6) If a member does not apply under this regulation to withdraw the net realised profits for any accounting year, the profits for that year shall be carried forward to the succeeding accounting year as accumulated profits.
(7) Where the member has incurred a net realised loss for any accounting year, the loss shall be carried forward to the succeeding accounting year.
(8) This regulation shall not apply to securities purchased or acquired before 1st October 1993.
(9) A member who has applied for a loan, or is receiving moneys, from the Government pursuant to any approved loan scheme under section 14A of the Act shall not be permitted to withdraw any net realised profits under this regulation.
(10) A member who has purchased securities under Part III shall not be entitled to withdraw any profits arising from such purchase.
3.
—(5) Where an application for withdrawal of moneys under these Regulations has been approved by the Board and the member is required to pay any brokerage, fees and other expenses incurred in the purchase or sale of securities, the Board may, on the application of the member and subject to such terms and conditions as the Board may impose, authorise the whole or part of the available amount to be withdrawn and used for all or any of such expenses.
36. Subject to the Act, the Central Provident Fund (Revised Minimum Sum Scheme) Regulations (Rg 2) or the Central Provident Fund (Minimum Sum Scheme) Regulations (Rg 16), as the case may be, a member who is entitled to withdraw the sum standing to his credit in the Fund under section 15 of the Act shall be entitled to withdraw all the moneys standing to his credit in his CPF Investment Account and all the securities purchased or acquired under these Regulations.
37. No withdrawals may be made under these Regulations in respect of securities which have been purchased by a member jointly with any other person, whether a member or otherwise.
38.
—(1) Where a member is adjudicated a bankrupt after he has made an application to withdraw the whole or part of the available amount under these Regulations, the Board may, notwithstanding his bankruptcy, permit withdrawals to be made for the payment of the securities purchased or acquired by the member, but he shall not be entitled to make any withdrawals thereafter for any purpose under these Regulations.
(2) Notwithstanding paragraph (1), where a member is adjudicated a bankrupt after he has made an application to withdraw the whole or part of the available amount to purchase an insurance policy under regulation 15, the Board may, notwithstanding his bankruptcy, permit withdrawals to be made to pay the future premiums in respect of such insurance policy subject to such terms and conditions as the Board may impose.
39. Where a member dies after he has made an application to withdraw the whole or part of the available amount to purchase any securities under these Regulations, the Board may, notwithstanding the member’s death, permit withdrawals to be made for the payment of such securities.
40. If a member commits a breach of any of the provisions of these Regulations, or if for any purpose connected with these Regulations he makes a false representation or furnishes any false information (collectively referred to in this regulation as the breach), the Board may —
(a)
require the member to refund to his ordinary account or special account all moneys withdrawn by him under these Regulations together with interest that would have accrued thereto if the withdrawal had not been made;
(b)
require the member to sell or dispose of the securities purchased or acquired by him under these Regulations and refund the proceeds thereof to his ordinary account or special account together with interest that would have accrued thereto if the withdrawal had not been made; or
(c)
prohibit the member from making any withdrawal under these Regulations for a period of one year or such longer period as the Board may determine from the date the breach was committed by the member.
41.
—(1) Anything done under any of the provisions of the revoked Central Provident Fund (Investment Schemes) Regulations (Rg 9) shall continue and have effect as from 1st January 2001 as if it had been done under the corresponding provisions of these Regulations.
(2) Notwithstanding anything in these Regulations, the Board may —
(a)
permit a member to purchase any investment-linked insurance policy which, immediately before 27th April 1999, was approved by the Board, whether or not the insurer or fund manager of the investment-linked insurance policy is an approved insurer or an approved fund manager;
(b)
where a member has deposited an amount in a fund management account before 21st August 1998, permit the member to continue to maintain that fund management account with the same fund manager, whether or not that fund manager is an approved fund manager; and
(c)
permit a member to purchase any unit in any unit trust scheme which, immediately before 21st August 1998, was approved by the Minister, whether or not the fund manager of the unit trust scheme is an approved fund manager.
42. The Central Provident Fund (Investment Schemes) Regulations (Rg 9) are revoked.