23.
—(1) A member who does not wish to operate the CPF Investment Account which he has opened with an approved agent bank (referred to in this regulation as the old account) may open a new CPF Investment Account with another approved agent bank (referred to in this regulation as the new account).
(2) Where a member has opened a new account, the following shall apply:
(a)
the approved agent bank in which the old account was opened shall transfer —
(i)
all the moneys from the member’s old account to his new account; and
(ii)
all the securities deposited by the member with, or held by, that approved agent bank in accordance with regulation 19 to the approved agent bank in which the new account is opened; and
(b)
all securities registered in the name of the nominee company of the approved agent bank in which the old account was opened shall be re-registered in the name of the nominee company of the approved agent bank in which the new account is opened.
(3) A member who has purchased securities from an approved fixed deposit bank, an approved insurer or an approved fund manager under this Part shall, within 2 weeks of the opening of the new account, inform the approved fixed deposit bank, approved insurer or approved fund manager, as the case may be, of his new CPF Investment Account number.