7.
—(1) Section 15 of the principal Act is amended —
(a)
by deleting subsection (5) and substituting the following subsection:
“(5) After the death of a member of the Fund, a person nominated by that member in accordance with section 25(1) shall be entitled to withdraw, from the balance standing to the credit of that member in the Fund after deducting —
(a)
any sum withdrawn, or to be withdrawn, under section 16A;
(b)
any sum credited, or to be credited, to the account of another person under section 19(2); and
(c)
any sum transferred or paid, or to be transferred or paid, to another person under section 27B,
such portion of that balance as is set out in the memorandum executed in accordance with section 25(1).”;
(b)
by deleting subsection (6B) and substituting the following subsection:
“(6B) Any memorandum executed under subsection (6A) by 2 members of the Fund who are parties to a marriage —
(a)
shall not be revocable during the subsistence of the marriage unless the Board is satisfied that either or both of the members are —
(i)
physically or mentally incapacitated —
(A)
from ever continuing in any employment; or
(B)
in such other manner as the Minister may approve;
(ii)
of unsound mind;
(iii)
suffering from a medical condition leading to a severely impaired life expectancy; or
(iv)
suffering from a terminal illness or disease; and
(b)
shall, where the marriage has been dissolved (otherwise than by death) or has been annulled, be revoked upon the Board being notified of the dissolution or annulment of the marriage.”;
(c)
by inserting, immediately after the words “any immovable property sold” in subsections (10) and (10A), the words “by an approved developer,”;
(d)
by inserting, immediately after the words “purchase of an immovable property” in subsection (11), the words “from an approved developer,”; and
(e)
by inserting, immediately after the definition of “approved” in subsection (16), the following definition:
“ “approved developer” means an approved developer under Part IVB of the Housing and Development Act (Cap. 129);”.
(2) Section 15 (5) of the principal Act in force immediately before the commencement of this subsection is amended by inserting, immediately after “19 (2)” in paragraph (b), the words “or 19A (2)”.