On 26/05/2013,
you requested for the version in force on 26/05/2013
incorporating all amendments published on or before 26/05/2013.
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PART II
CONTRIBUTIONS TO FUND
6.
—(1) For the purposes of this Act, there shall be established a fund to be called the Central Provident Fund into which shall be paid all contributions authorised under this Act and out of which shall be met all payments authorised to be paid under this Act.
(2) The Board shall be the trustee of the Fund and all moneys belonging to the Fund may be —
(a)
deposited in a bank or banks approved by the Board;
(b)
invested in accordance with the standard investment power of statutory bodies as defined in section 33A of the Interpretation Act (Cap. 1); or
(c)
used for the purchase of any property and for the construction of buildings for the purposes of the Board or for letting to derive income therefrom and the Board may dispose of all or any part of the property or buildings.
(3) The land situate at 79 Robinson Road, Singapore, acquired by the Board and the building constructed thereon prior to 15th May 1980 shall be deemed to have been purchased and constructed by the Board in pursuance of the powers conferred upon the Board by subsection (2)(c).
(4) Subject to subsections (4C) to (4I), the Board shall pay to a member of the Fund interest —
(a)
at such intervals, and on the amount standing to the credit of the member in the Fund at such time, as the Board may determine; and
(b)
at such rate per annum as the Board may from time to time declare by notification published in the Gazette, being a rate of interest which —
(i)
is not less than 2.5% per annum; and
(ii)
may exceed 2.5% per annum if the Minister for Finance so approves.
(4A) For the purposes of subsection (4), the Board may declare different rates of interest for different parts of the amount standing to the credit of a member in the Fund.
(4B) The Board may, in its discretion, pay to a member of the Fund interest in addition to that referred to in subsection (4) —
(a)
at such intervals as the Board may determine —
(i)
on the whole or such part, as the Board may determine, of the amount standing to the credit of the member in the Fund at such time as the Board may determine; and
(ii)
if the member belongs to such class of members as the Minister may prescribe by regulations made under section 27Q, on the whole or such part, as the Board may determine, of the aggregate at such time as the Board may determine of —
(A)
the amount of any premium paid by the member under section 27L; and
(B)
the interest that would have been payable thereon, if that amount had been standing to the credit of the member in his retirement account; and
(b)
at such rate per annum, and subject to such terms and conditions, as the Board may, with the approval of the Minister for Finance, determine.
(4C) Where a member of the Fund died before 1st January 2004, the Board may cease to pay interest on any amount standing to the credit of the deceased member in the Fund —
(a)
in any case where that amount is transferred to the general moneys of the Fund on or before 31st December 2010, after 31st December 2010;
(b)
in any case where that amount is transferred to the general moneys of the Fund after 31st December 2010, with effect from the date of the transfer; or
(c)
in any case where that amount has not been transferred to the general moneys of the Fund, after the later of the following dates:
(i)
31st December 2010; or
(ii)
the date on which the Board is notified, in such manner as may be prescribed in any regulations made under section 77(1), of the member’s death.
(4D) Where a member of the Fund dies on or after 1st January 2004, the Board may cease to pay interest on any amount standing to the credit of the deceased member in the Fund that is not in any nominee account maintained for the deceased member —
(a)
in any case where that amount is transferred to the general moneys of the Fund on or before the 7th anniversary of the day of the member’s death, after the 7th anniversary of the day of the member’s death;
(b)
in any case where that amount is transferred to the general moneys of the Fund after the 7th anniversary of the day of the member’s death, with effect from the date of the transfer; or
(c)
in any case where that amount has not been transferred to the general moneys of the Fund, after the later of the following dates:
(i)
the 7th anniversary of the day of the member’s death; or
(ii)
the date on which the Board is notified, in such manner as may be prescribed in any regulations made under section 77(1), of the member’s death.
(4E) Subject to subsections (4C) and (4D), the Board may suspend the payment of interest on any amount standing to the credit of a member in the Fund after that amount is transferred to the general moneys of the Fund.
(4F) Where any shares belonging to a deceased member that are vested in the Board under section 26(1) or 26A(1) are sold by the Board, the Board shall not pay any interest on any proceeds of the sale of those shares that are paid into the general moneys of the Fund under section 26(4D) or 26A(9), as the case may be, notwithstanding that those proceeds constitute an amount standing to the credit of the deceased member in the Fund.
(4G) Where any shares belonging to a member that are vested in the Board under section 26B(1) are sold by the Board, the Board shall suspend the payment of interest on any proceeds of the sale of those shares that are paid into the general moneys of the Fund under section 26B(3)(b), notwithstanding that those proceeds constitute an amount standing to the credit of the member in the Fund.
(4H) Where any shares belonging to a member are vested in the Board under section 26B(1), the Board shall suspend the payment of interest on any dividends, returned paid-up share capital or other moneys in respect of those shares that are paid into the general moneys of the Fund under section 26B(5), notwithstanding that the dividends, capital or other moneys constitute amounts standing to the credit of the member in the Fund.
(4I) Where the Board has paid any dividends, returned paid-up share capital, proceeds of sale or other moneys in respect of any shares belonging to a deceased member into the general moneys of the Fund under section 26D(1), the Board shall not pay any interest on the dividends, capital, proceeds or other moneys notwithstanding that the dividends, capital, proceeds or other moneys constitute amounts standing to the credit of the deceased member in the Fund.
(5) If the Board is at any time unable to pay any sum which the Fund is required to pay under this Act, the sum required to be so paid shall be charged on and advanced to the Board from the Consolidated Fund and the Board shall as soon as practicable repay to the Government the sum so advanced.
7.
—(1) Subject to section 69 and any regulations made under section 77, every employer of an employee shall pay to the Fund monthly in respect of each employee contributions at the appropriate rates set out in the First Schedule.
(1A) The Board may, in its discretion and on such terms and conditions as the Board may impose, authorise an employer or a class or classes of employers to pay those contributions at other intervals not exceeding 6 months.
[27/92]
(2) Notwithstanding the provisions of any written law or any contract to the contrary, an employer shall be entitled to recover from the monthly wages of an employee the amount shown in the First Schedule as so recoverable from the employee.
[27/92]
(3) Where any employer who has recovered any amount from the monthly wages of an employee in accordance with subsection (2) fails to pay the contributions to the Fund within such time as may be prescribed, he shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 7 years or to both.
(4) Without prejudice to subsections (1) and (2) and the First Schedule —
(a)
an employee may at any time contribute voluntarily to the Fund a sum additional to that shown in the First Schedule as payable by the employer;
(b)
an employee who desires to have contributions in excess of the appropriate rate deducted from his monthly wages by his employer may give to his employer written notice to that effect, and thereafter, so long as he is employed by that employer, the employer shall make the deductions from his wages for each month until such time, not being less than 6 months from the giving of the previous notice, as he gives further written notice to his employer of his desire to cease to have the excess monthly contributions deducted from his wages and the employer shall pay the amount of the excess deductions to the Fund in addition to the appropriate monthly contributions; or
(c)
an employer may at any time pay to the Fund contributions in respect of any of his employees at a rate in excess of the appropriate rate set out in the First Schedule.
[27/92]
(5) Notwithstanding any contract to the contrary, an employer shall not be entitled to recover in any way from an employee in respect of contributions payable under this Act any sum in excess of that permitted to be recovered under subsection (2) together with any sum contributed voluntarily by the employee under subsection (4) and any employer who recovers or attempts to recover any greater sum shall be guilty of an offence.
(6) The portion of any contribution recoverable under the First Schedule from the wages of an employee in accordance with subsections (2) and (4) shall be recovered by the employer from the wages in respect of which the contribution is payable at the time of payment of those wages and not otherwise.
(6A) Subject to such conditions as may be prescribed by the Board, where an employer has, by error not occasioned by that employer’s negligence, omitted to recover from the wages paid to an employee any amount or part of any amount that he would otherwise have been entitled to recover at the time of payment of the wages, the amount or part thereof may be recovered from the wages payable by the employer to the employee not later than 6 months from the date of the payment of the wages in respect of which the amount or part thereof was omitted to be recovered.
[27/92]
(7) Notwithstanding subsection (6), where wages are payable at intervals of less than one month, if in any month it appears to the employer that the wages of any employee for that month are likely to exceed $500, the employer —
(a)
may deduct from the employee’s wages at the time of each payment in the month the appropriate proportion of such sum as would be recoverable from the employee in accordance with the First Schedule in respect of the wages if paid at the same rate throughout the month; and
(b)
shall make such adjustment as may be necessary on the occasion of the last payment in that month, but if the wages do not actually exceed $500 for that month, he shall forthwith refund to the employee the amount of the deductions.
[27/92]
(8) The Minister may, by notification in the Gazette, amend the First Schedule and may prescribe in the First Schedule —
(a)
different rates of contributions payable in respect of different types of wages; and
(b)
the payment of contributions on such additional wages as may be specified in the First Schedule to be based on the wages of an employee for the preceding year and to be adjusted at the end of the year or in the last month of his employment with the employer based on his actual wages for the year.
[22/90; 27/92]
(9) Notwithstanding subsection (6), where an employer is required to pay to the Fund any additional contributions on additional wages and is entitled to recover such contributions from the wages of the employee in accordance with the First Schedule, the employer may recover such contributions from the wages payable by him to the employee not later than 6 months from the end of the year in which the additional contributions are payable.
[22/90; 27/92]
(10) Notwithstanding subsection (5), if it appears to the employer at the time when additional wages as specified in the First Schedule are payable to the employee that additional contributions in respect of such additional wages are likely to arise at the end of the year due to the recomputation of additional wages on which contributions are payable in accordance with the First Schedule, the employer may —
(a)
contribute to the Fund a sum additional to that shown in the First Schedule as payable by the employer; and
(b)
notwithstanding subsection (6), recover the appropriate proportion of such sum in accordance with the First Schedule from the additional wages of the employee.
[22/90; 27/92]
(11) Where an employer is required to pay to the Fund any additional contributions and is entitled to recover such contributions from the wages of the employee in accordance with the First Schedule, the Board may, notwithstanding subsection (1), if it is satisfied that the employer is unable to recover in full or in part from the wages of the employee and that the employee is no longer in the employment of the employer, waive the payment of that portion of the additional contributions that the employer is unable to so recover.
[22/90; 27/92]
8. Any agreement made between any statutory body specified in the First Schedule and any of its employees under which that body is liable to pay any contribution to the Fund in respect of that employee in excess of the amount prescribed as payable for that employee shall, in so far as it relates to such liability, be void and of no effect.
[32/84; 27/92]
9.
—(1) Where the amount of the contributions which an employer is liable to pay under section 7 in respect of any month is not paid within such period as may be prescribed, the employer shall be liable to pay interest on the amount for every day the amount remains unpaid commencing from the first day of the month succeeding the month in respect of which the amount is payable and the interest shall be calculated at the rate of 1 1/2% per month or the sum of $5, whichever is the greater.
(2) Where the amount of the contributions a person is liable to pay under any regulations made under section 77(1)(e) is not paid within the time prescribed for payment, that person shall be liable to pay interest on that amount for every day the amount remains unpaid at such rate and commencing from such date as may be prescribed.
[27/92]
(3) The Board may, in any case in which it thinks fit, waive the payment of the whole or part of, or remit in whole or in part, any interest due or paid under subsection (1) or (2).
[27/92]
10. All expenses incurred by the Board including the cost of auditing the accounts of the Fund as provided for in the Second Schedule shall be defrayed out of the moneys of the Fund.
[27/92]
11. The financial provisions set out in the Second Schedule shall apply to the Board.
[27/92]
12.
—(1) All sums recovered or collected on account of contributions to the Fund under this Act shall be paid into or carried to the Fund in such manner as may be prescribed.
(2) The Board shall cause to be credited to each member of the Fund —
(a)
the amount of every contribution paid to the Fund for him;
(b)
the interest payable to him under section 6(4); and
(c)
any additional interest payable to him under section 6(4B).
13.
—(1) Subject to subsections (7A) to (7G), there shall be maintained for each member in respect of the money standing to his credit in the Fund the following subsidiary accounts:
(a)
(b)
a medisave account from which, apart from subsection (6) and sections 15(2), (3), (4) and (5), 16A, 27B and 54, withdrawals may be made in accordance with any regulations made under section 77(1)(j) and (k); and
(c)
a special account from which no withdrawal may be made except under subsection (7) or section 15(2), (3), (4) or (5), 17, 18, 18A, 18C, 19A, 27B or 45 or in accordance with any regulations made under section 77(1)(n) or (oa).
[32/84; 16/86; 5/87; 23/89; 30/89; 27/92; 10/94; 12/99; 39/2000]
(2) Every ordinary account, medisave account and special account which was maintained by the Board for a member before 28th September 1984 shall be deemed to have been validly maintained.
[32/84]
(3) All moneys standing to the credit of a member in his special account as at 1st April 1984 shall be deemed to have been transferred to his medisave account except where the member is entitled at that date to withdraw such money under section 15.
[32/84]
(4) The Board shall credit to the accounts of a member specified in subsection (1), in such manner as the Minister may direct, every contribution paid into the Fund for the member under —
(a)
(b)
any regulations made under section 77(1)(e); or
(c)
such other provision as the Minister may prescribe.
(4A) The Minister may give different directions in respect of different classes of members under subsection (4).
(5) The Board shall credit to each account of a member the interest referred to in section 6(4) on the amount standing to the credit of the member in that account.
(5A) Where any additional interest is payable to a member under section 6(4B) —
(a)
the Board shall credit the additional interest into one or more of the member’s ordinary account, medisave account, special account and retirement account (if any) in such manner as the Board may determine; and
(b)
the Board may make different determinations under paragraph (a) in respect of different classes of members.
(6) The Board shall transfer to one or more designated accounts of a member, in accordance with any regulations made under section 77(1)(ka), any amount standing to his credit in his medisave account which is in excess of such amount as the Minister may from time to time direct.
[16/86]
(7) Where there is no balance in the medisave account of a member, the Board may, upon application by the member and with the approval of the Minister, transfer to the medisave account of the member any amount standing to his credit in any designated account which had been transferred from the medisave account, including the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the transfer had not been made.
[27/92]
(7A) The Board may transfer to a member’s ordinary account, in accordance with any regulations made under section 77(1) —
(a)
if the member’s accounts in the Fund are deemed to be dormant, and such period (as may be prescribed in those regulations) after the day his accounts in the Fund are deemed to be dormant has passed, any amount standing to his credit in the Fund; or
(b)
if the member has died, and such period (as may be prescribed in those regulations) after the day of his death has passed, any amount standing to his credit in the Fund that is not in any nominee account maintained for him.
(7B) The Board may transfer to the general moneys of the Fund, in accordance with any regulations made under section 77(1) —
(a)
if a member’s accounts in the Fund are deemed to be dormant, and the 7th anniversary of the day his accounts in the Fund are deemed to be dormant has passed, any amount standing to his credit in the Fund; or
(b)
if a member has died, and the 7th anniversary of the day of his death has passed, any amount standing to his credit in the Fund that is not in any nominee account maintained for him.
(7C) Where the Board has transferred any amount standing to a member’s credit in the Fund to his ordinary account under subsection (7A)(a) or to the general moneys of the Fund under subsection (7B)(a) or any regulations made under section 77(1) —
(a)
the Board shall restore the transferred amount (including the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the transfer had not been made) to the member’s account in the Fund from which that amount had been transferred, if the Board is satisfied that the member was still alive at the time of the transfer;
(b)
if the Board is served with an order of court referred to in section 27B awarding any amount to be paid out from the money standing to the credit of the member in the Fund (including any money which is payable or repayable to the Fund to the credit of the member) —
(i)
where the amount awarded under the order of court exceeds the amount standing to the member’s credit in the Fund (including the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the transfer had not been made), the Board shall restore the latter amount (including interest) to the member’s account in the Fund from which that amount had been transferred; or
(ii)
where the amount awarded under the order of court does not exceed the amount standing to the member’s credit in the Fund (including the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the transfer had not been made), the Board shall restore the former amount to the member’s account in the Fund from which that amount had been transferred; and
(c)
the Board may restore the whole or any part of the transferred amount (including the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the transfer had not been made) to the member’s account in the Fund from which that amount had been transferred in such other circumstances as may be prescribed in any regulations made under section 77(1).
(7D) Where the Board has transferred any amount standing to a member’s credit in the Fund to his ordinary account under subsection (7A)(b) or to the general moneys of the Fund under subsection (7B)(b) or any regulations made under section 77(1), the Board may restore the whole or any part of that amount (including the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the transfer had not been made) to the member’s account in the Fund from which that amount had been transferred in such circumstances as may be prescribed in any regulations made under section 77(1).
(7E) Where the Board is unable to ascertain a member’s identity, the Board may transfer to the general moneys of the Fund, in accordance with any regulations made under section 77(1), any amount standing to his credit in the Fund.
(7F) Where, after the Board has transferred any amount standing to a member’s credit in the Fund to the general moneys of the Fund under subsection (7E) or any regulations made under section 77(1), the Board ascertains the identity of the member, the Board shall restore that amount (including the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the transfer had not been made) to the member’s account in the Fund.
(7G) Subsections (7A) to (7F) do not preclude, and do not affect the validity of, any transfer to the general moneys of the Fund, whether before, on or after the date of commencement of section 4(b) of the Central Provident Fund (Amendment) Act 2010, under any regulations made under section 77(1), of any amount standing to a member’s credit in the Fund.
(7H) Where the Board has transferred any money standing to the credit of a member in the Fund from any account of the member in the Fund (referred to in this subsection as Account A) to any other account in the Fund (referred to in this subsection as Account B) under section 15(2A), (6), (7B) or (8A), 18(1)(a), (2)(a) or (3)(a), 18A(1), 18B(1) or 18C(1), any condition referred to in section 27(2)(b) or (3) or any regulations made under section 77(1), the Board may, on its own motion or on the application of the member, and subject to such terms and conditions as it may impose —
(a)
restore to Account A the whole or any part of the amount of the transferred money;
(b)
pay into Account A the whole or such part, as the Board may determine, of any interest that would have been payable on the restored amount if the restored amount had not been transferred to Account B; and
(c)
transfer, from Account B to the general moneys of the Fund, the whole or such part, as the Board may determine, of any interest paid on the restored amount while the restored amount was in Account B.
(7I) Where the Board has credited any money to a member’s account in the Fund under section 13(4) or 13B(1)(b) or (2)(b), where any money has been paid into a member’s account in the Fund under section 18(1)(b) or (c), (2)(b) or (3)(b) or any regulations made under section 77(1), or where the Board has credited to a member’s account in the Fund any money paid in error and liable to be refunded or paid under section 74(1), the Board may, on the Board’s own motion or on an application to the Board, and subject to such terms and conditions as the Board may impose —
(a)
refund to the person who paid the money, or pay to any person whom the Board is satisfied is entitled to that payment, the whole or any part of the amount of the money; and
(b)
transfer, from the member’s account in the Fund to the general moneys of the Fund, the whole or such part, as the Board may determine, of any interest paid on the amount refunded or paid under paragraph (a) while that amount was in that account.
(8) In this section, “designated account”, in relation to a member, means such ordinary account, special account or retirement account (if any) of the member as may be prescribed by any regulations made under section 77(1)(ka).
13A.
—(1) Any power to register, license or maintain the particulars of any person, or to grant, renew or reinstate any registration, licence, certificate or permit, under any Act specified in the Third Schedule shall include a power to impose conditions relating to the payment of contributions into the Fund, pursuant to any regulations made under section 77(1)(e), such contributions to be credited —
(a)
to the medisave account of the person, applicant, registrant, licensee or holder of the certificate or permit, as the case may be; or
(b)
(1A) The Board may give, to any person entitled to exercise any power referred to in subsection (1), such information concerning any member of the Fund as may be necessary to facilitate the exercise of that power by that person in relation to that member.
(2) The Minister may, by notification in the Gazette, amend the Third Schedule.
[27/92]
13B.
—(1) Notwithstanding anything in this Act but subject to any regulations made under section 77(1) —
(a)
any person may —
(i)
if he is a citizen or permanent resident of Singapore in respect of whom no contribution is required to be paid under this Act, contribute voluntarily to the Fund in such manner and at such rate as the Minister may direct; or
(ii)
on or after 1st January 2011, voluntarily pay to the Fund contributions for any other person (being a citizen or permanent resident of Singapore in respect of whom no contribution is required to be paid under this Act) in such manner and at such rate as the Minister may direct;
(b)
the Board shall credit every contribution received under paragraph (a)(i) or (ii) into an ordinary account, a medisave account or a special account, for the purposes specified in section 13(1), in such manner as the Minister may direct; and
(c)
the Minister may give different directions in respect of different classes of members.
(2) Notwithstanding anything in this Act but subject to any regulations made under section 77(1) —
(a)
any person may, on or after 1st January 2011, voluntarily pay to the Fund contributions for any other person (being a citizen or permanent resident of Singapore in respect of whom any contribution is required to be paid under this Act, but no contribution is required to be paid under this Act by the first-mentioned person) in such manner and at such rate as the Minister may direct;
(b)
the Board shall credit every contribution received under paragraph (a) into an ordinary account, a medisave account or a special account, for the purposes specified in section 13(1), in such manner as the Minister may direct; and
(c)
the Minister may give different directions in respect of different classes of members.
(3) Subject to subsection (3A), the aggregate of the following amounts which may be contributed by or for a person shall not, in any year, exceed such sum as the Minister may prescribe by regulations made under section 77(1):
(a)
the amount which that person may contribute voluntarily in that year under subsection (1)(a)(i);
(b)
the amount which may be contributed for that person in that year under subsection (1)(a)(ii) or (2)(a); and
(c)
such other amounts which may be contributed by or for that person in that year as the Minister may prescribe by regulations made under section 77(1).
(3A) Where any contribution or interest thereon is or may become due to the Board from any person, and the aggregate of the amounts referred to in subsection (3)(a), (b) and (c) which are contributed by or for that person in any year exceeds the sum referred to in subsection (3), the Board may, in accordance with any regulations made under section 77(1) —
(a)
retain the whole or any part of the excess contributions; and
(b)
set off the retained excess contributions against the contribution or interest that is or may become due to the Board from that person.
(4) Every amount voluntarily paid to the Fund on or after 1st January 2011, but before the date of commencement of section 5 of the Central Provident Fund (Amendment) Act 2011, by a person as a contribution for any other person (being a citizen or permanent resident of Singapore in respect of whom no contribution is required to be paid under this Act, or being a citizen or permanent resident of Singapore in respect of whom any contribution is required to be paid under this Act, but no contribution is required to be paid under this Act by the first-mentioned person) shall be deemed to be and always to have been validly paid, and no legal proceedings shall lie or be instituted or maintained in any court of law on account of or in respect of any such payment.
14.
—(1) The Board may after 1st June 1984 accept any cash grant made by the Government for the benefit of any person who qualifies for such grant under any approved scheme, and the Board shall credit the cash grant into such account of that person as the Minister may direct.
[32/84; 31/95]
(2) Any cash grant paid into the Fund under subsection (1) shall be deemed to be contributions for the purposes of this Act and such cash grant or interest thereon may be withdrawn under the provisions of this Act for such purposes and in such manner as may be prescribed by the regulations.
[31/95]
(3) Notwithstanding anything in this Act, the Board shall be entitled to recover on behalf of the Government any cash grant paid into the Fund for the benefit of any person, together with any interest which he is liable to pay the Government under the terms of the cash grant, from any money standing to the credit of that person in the Fund if he —
(a)
has obtained the cash grant by means of any false or misleading statement or any document that is false or misleading in any particular; or
(b)
has committed a breach of any of the terms and conditions of the cash grant.
[32/84]
(4) Any money recovered by the Board from any person under subsection (3) shall be refunded forthwith to the Government.
[32/84]
(5) In this section —
“approved scheme” means a scheme approved by the Minister;
“cash grant” means a cash grant made by the Government under any approved scheme.
14A.
—(1) The Board may, from time to time, accept moneys lent by the Government to any member of the Fund pursuant to any approved loan scheme.
[12/99]
(2) The Board shall credit the moneys lent to any member under subsection (1) into the ordinary account of that member.
[12/99]
(3) Any moneys paid into the Fund under subsection (2) shall be deemed to be contributions for the purposes of this Act and those moneys or interest thereon may be withdrawn under the provisions of any regulations made under this Act for such purposes and in such manner as may be prescribed by the regulations.
[12/99]
(4) Notwithstanding anything in this Act, the Board may allow a member who has taken a loan from the Government pursuant to an approved loan scheme to withdraw any part of the contributions and interest standing to his credit in the Fund for the repayment of the loan and the payment of any interest or other charges which the member may from time to time be liable to pay to the Government under the terms and conditions of that loan.
[12/99]
(5) The Board shall be entitled to receive any repayment and payment under subsection (4) on behalf of the Government.
[12/99]
(6) Notwithstanding anything in this Act, the Board shall be entitled to recover on behalf of the Government any moneys lent to a member pursuant to any approved loan scheme and which have been paid into the Fund for the benefit of the member under subsection (2), together with any interest and other charges which the member is liable to pay to the Government under the terms and conditions of the loan from any money standing to the credit of the member’s accounts in the Fund if the member —
(a)
fails to pay any sum under the loan when due; or
(b)
is in breach of any other term or condition of the loan.
[12/99]
(7) Any moneys received or recovered by the Board from any member under subsection (5) or (6) shall be refunded immediately to the Government.
[12/99]
(8) In this section, “approved loan scheme” means a loan scheme approved by the Minister.
[12/99]