On 19/05/2013,
you requested for the version in force on 19/05/2013
incorporating all amendments published on or before 19/05/2013.
The closest version currently available is that of 01/01/1998.
PART IV
GENERAL PROVISIONS
14. Where a member applies for the withdrawal of moneys under these Regulations, the approved bank shall ensure that the application of the member meets the requirements of these Regulations and that moneys are withdrawn in accordance with these Regulations.
15.
—(1) Where a member makes an application for reimbursement of the price of gold, shares, loan stocks or bonds purchased by him under these Regulations, the amount to be withdrawn from his account in the Fund shall not exceed —
(a)
in the case of gold, the purchase price determined on the basis of the bid price of the gold of the relevant approved bank at the date of the application;
(b)
in the case of shares, loan stocks or bonds (other than bonds issued by the Government), the weighted average closing price of the shares, loan stocks or bonds on the Stock Exchange of Singapore over a period of 5 trading days immediately preceding the date of the application; and
(c)
in the case of bonds issued by the Government, the purchase price determined on the basis of the bid price on the last trading day preceding the date of the application.
(2) The Board may approve such reimbursements subject to such terms and conditions as the Board may impose.
16.
—(1) Where the available amount is insufficient to pay for the purchase of gold, shares, units in any unit trust scheme, loan stocks or bonds as permitted by the Board in full, the balance of the purchase price shall be paid by the member in cash, subject to such terms and conditions as the Board may impose.
(2) Where the member has paid the balance of the purchase price in cash under paragraph (1), the member shall not be allowed to withdraw any CPF moneys subsequently to reimburse him for the balance of the purchase price so paid.
17. Where the available amount standing to the credit of a member in the Fund is insufficient to reimburse him fully for his purchase of gold, shares, loan stocks or bonds under these Regulations, he shall not be entitled to withdraw from any moneys subsequently credited to his CPF Investment Account for such reimbursement.
18.
—(1) Shares, loan stocks or bonds purchased by a member with CPF contributions withdrawn under these Regulations shall —
(a)
be registered in the name of the nominee company of the approved bank;
(b)
be deposited with the approved bank; and
(c)
not be pledged as collateral for any purpose whatsoever.
(2) Gold purchased by a member with CPF contributions withdrawn under these Regulations shall be deposited with the approved bank in which the member has opened the CPF Investment Account and shall not be pledged as collateral for any purpose whatsoever.
19.
—(1) Any bonus shares issued to a member in respect of shares purchased under these Regulations and any shares issued upon the conversion of any loan stocks or bonds purchased under these Regulations shall be deemed to be shares purchased with CPF contributions withdrawn under these Regulations.
(2) Entitlements to rights issue in respect of shares purchased with CPF contributions withdrawn under these Regulations shall, if taken up by the member, be deemed to be shares purchased with CPF contributions withdrawn under these Regulations.
20.
—(1) Where any shares quoted on the Stock Exchange of Singapore are suspended from trading, an application for the withdrawal of CPF contributions to reimburse a member for the cost of the purchase of the shares may only be made by the member on the sixth trading day after the resumption of trading in those shares.
(2) The amount to be reimbursed shall be calculated in accordance with regulation 15(1)(b).
21. 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 gold or securities or for the reimbursement of the cost of the purchase, 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.
22.
—(1) Where a member sells gold, shares, units in a unit trust scheme, loan stocks or bonds purchased under these Regulations, or where he sells his entitlement to any rights issue in respect of those shares, the whole proceeds of the sale, less any expenses, shall forthwith be credited to his CPF Investment Account.
(2) All dividends declared or interest earned in respect of shares, loan stocks or bonds purchased by a member under these Regulations shall be credited to the member’s CPF Investment Account.
23.
—(1) Where a member sells his shares in an approved corporation, the Board shall credit to his Share Profit Account the whole proceeds of the sale less —
(a)
the weighted average cost of the shares;
(b)
the total interest that would have accrued in the member’s ordinary account had he not withdrawn the total amount for the shares under these Regulations; and
(c)
any expenses incurred as a result of the sale of the shares.
(2) All dividends declared or interest earned in respect of shares in an approved corporation purchased by a member under these Regulations shall be credited to the member’s Share Profit Account.
(3) Moneys in the Share Profit Account shall bear interest at such rate as may be determined from time to time by the Board.
24.
—(1) Amember who wishes to withdraw the net realised profits shall apply to the Board within one year from the end of each accounting year.
(2) Any withdrawal of net realised profits under this regulation shall be 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 gold or securities;
B is the total amount of dividends, interest and income received prior to the sale or disposal of the gold or 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 weighted average cost of investment in the gold or securities sold or disposed of;
D is the total amount of expenses, charges, fees incurred on the purchase of the gold or securities and on the sale or disposal of such gold or 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 gold or securities purchased or acquired before 1st October 1993.
25.
—(1) Where a member has sold or disposed of all his gold and securities and the proceeds of such sale or disposal have been credited to his CPF Investment Account and are not used by him for any purpose under these Regulations for a period of 3 months or such other period as the Board may allow from the end of the month in which the gold and securities were sold or disposed of, the approved bank shall forthwith pay all moneys from his CPF Investment Account to the Board to be credited to his ordinary account in the Fund.
(2) Where in the month of March, June, September or December of each year the amount in a member’s CPF Investment Account exceeds $1,000, the approved bank shall, not earlier than 3 working days before the last day of that month, transfer the amount in excess of $1,000 from the member’s CPF Investment Account to the Board to be credited to the member’s ordinary account.
(3) Where a member has sold his shares in an approved corporation and the proceeds of such sale have been credited to his Share Profit Account under regulation 23, the Board may, upon the application of the member or upon the death of the member, transfer the proceeds of such sale from his Share Profit Account to his ordinary account.
(4) Where the proceeds of the sale of a member’s shares in an approved corporation have been transferred from the member’s Share Profit Account to his ordinary account under paragraph (3), the member shall be deemed to have withdrawn those proceeds from his Share Profit Account and shall not thereafter be allowed to transfer those proceeds from his ordinary account back to his Share Profit Account.
(5) Where a member has transferred the whole or part of the available amount in his ordinary account to his CPF Investment Account for the purpose of purchasing shares offered under an initial public offer but is unsuccessful in his purchase, the approved bank shall, not earlier than 3 working days before the last day of the month in which the available amount or part thereof was refunded to the member’s CPF Investment Account by the company which made the initial public offer or by its agent, transfer the available amount or part thereof from the member’s CPF Investment Account to the Board to be credited to the member’s ordinary account.
26. Subject to the Act, the Central Provident Fund (Minimum Sum Scheme) Regulations (Rg 16) or the Central Provident Fund (Revised Minimum Sum Scheme) Regulations (Rg 2), 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 to the release of any gold or securities deposited or registered with an approved bank in accordance with these Regulations, and of any shares in an approved corporation.
27. A member who terminates his CPF Investment Account with an approved bank and does not intend to open another CPF Investment Account with another approved bank shall sell or dispose of all the gold and securities purchased or acquired by him under these Regulations and the approved bank shall forthwith pay the total proceeds thereof to the Board to be credited to his ordinary account in the Fund.
28.
—(1) A member who does not wish to operate the CPF Investment Account which he has opened with an approved bank (referred to in this regulation as the old account) may open a new CPF Investment Account with another approved bank (referred to in this regulation as the new account).
(2) Where a member has opened a new account, the following provisions shall apply:
(a)
the first-mentioned 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 shares, loan stocks or bonds deposited by the member with that bank in accordance with regulation 18 to the bank in which the new account is opened; and
(b)
all shares and loan stocks or bonds registered in the name of the nominee company of the first-mentioned bank shall be re-registered in the name of the nominee company of the bank in which the new account is opened.
(3) The member shall, within 2 weeks from the opening of such new account, inform the bank where his fixed deposit account is maintained, the insurer of his endowment insurance policy or his fund manager (as the case may be), his new CPF Investment Account number.
29. No withdrawal may be made under these Regulations in respect of gold or securities which have been purchased by a member jointly with any other person, whether a member or otherwise.
30.
—(1) Where a member is adjudicated a bankrupt after he has made an application to withdraw the available amount under these Regulations the Board may, notwithstanding his bankruptcy, permit withdrawals to be made for the payment of the gold or securities purchased or acquired by the member, but he shall not again be entitled to make any further withdrawal 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 available amount to purchase an endowment insurance policy under regulation 11, the Board may, notwithstanding his bankruptcy, permit withdrawals to be made to pay the future premiums in respect of such policy subject to such terms and conditions as the Board may impose.
31. 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 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 gold or securities purchased or acquired by him under these Regulations and refund the proceeds thereof to his ordinary 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.