On 20/05/2013,
you requested for the version in force on 20/05/2013
incorporating all amendments published on or before 20/05/2013.
The closest version currently available is that of 01/09/2011.
PART III
WITHDRAWAL OF CONTRIBUTIONS
15.
—(1) No sum of money standing to the credit of a member of the Fund may be withdrawn from the Fund except with the authority of the Board.
(1A) Subject to subsections (1B) and (1C), sections 14, 14A, 15A and 25(2) and (3) and any regulations and rules made under section 77, the authority under subsection (1) shall not be given except on the application of a person entitled to withdraw the money from the Fund.
(1B) The authority under subsection (1) may be given for a withdrawal from the Fund by a relevant member under subsection (7), or for the payment by a relevant member of a premium referred to in section 27L(1) or (1A) from any amount deposited in his retirement account under subsection (6C)(a) or (b)(i), without any application being made by the relevant member under subsection (1A).
(1C) After the death of a member of the Fund, the authority under subsection (1) may be given for a withdrawal from the Fund under subsection (5) by a person nominated by that member in accordance with section 25(1), without any application being made by that person under subsection (1A).
(2) Subject to this section and sections 19 and 19A, a member of the Fund shall be entitled to withdraw the sum standing to the credit of the member in the Fund at any time after the Board is satisfied that the member —
(a)
has attained the age of 55 years;
(b)
not being a citizen of Singapore, has left or is about to leave Singapore and the States of Malaya permanently with no intention to return thereto;
(c)
being a citizen of Malaysia has left or is about to leave Singapore permanently for the States of Malaya in such circumstances as the Minister may approve;
(d)
is physically or mentally incapacitated —
(i)
from ever continuing in any employment; or
(ii)
in such other manner as the Minister may approve;
(e)
lacks capacity within the meaning of section 4 of the Mental Capacity Act (Cap. 177A);
(f)
is suffering from a medical condition leading to a severely impaired life expectancy; or
(g)
is suffering from a terminal illness or disease.
(2A) A member of the Fund who is entitled under subsection (2)(d), (e) or (f) to withdraw the sum standing to his credit in the Fund shall, at the time of the withdrawal and in accordance with such directions as the Minister may give in any particular case —
(a)
set aside or top-up in his retirement account such amount as the Minister may specify; and
(b)
set aside or top-up in his medisave account the prescribed amount referred to in section 16.
(2B) The amount referred to in subsection (2A)(a) may be withdrawn by the member in accordance with such terms and conditions as the Minister may from time to time impose.
(3) Subject to subsection (6), a member of the Fund who has withdrawn any money from the Fund on the ground that he has attained the age of 55 years shall be entitled to make one further withdrawal of the sum standing to his credit in the Fund on or after every first anniversary of his date of birth after he has attained the age of 55 years or such other period as the Minister may direct.
[5/87]
(4) Notwithstanding subsection (3) but subject to subsection (6), the Board may at any time allow a member who has attained the age of 55 years to withdraw the sum standing to his credit in the Fund if the member satisfies the Board that he has been unemployed throughout the period of 6 months immediately preceding the date on which he makes an application for the withdrawal of any sum of money standing to his credit in the Fund.
[5/87]
(5) Subject to section 25(3), after the death of a member of the Fund, a person who is nominated by that member, by a memorandum executed in accordance with section 25(1), shall be entitled to withdraw, in the manner provided for in the memorandum, from the balance standing to the credit of that member in the Fund, such portion, as the person has been nominated to receive under the memorandum, of that balance after deducting the following amounts:
(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) or 19A(2); and
(c)
any sum transferred or paid, or to be transferred or paid, to another person under section 27B.
(6) Subject to subsections (6A), (8) and (8A), a member of the Fund who is entitled under subsection (2)(a), (3) or (4) to withdraw the sum standing to his credit in the Fund shall, at the time of withdrawal and in accordance with any regulations made under this Act —
(a)
set aside or top-up a prescribed sum (referred to in this Act as the minimum sum); and
(b)
unless the Board otherwise allows, set aside or top-up in his medisave account a sum of up to $2,500 or such other amount as may be specified under subsection (6D) in respect of any class of persons.
(6A) Where 2 members of the Fund are parties to a marriage, and neither member is a relevant member, the Board may, on their joint application, permit them to set aside jointly an amount which is less than 2 times the minimum sum if each member has executed a memorandum under section 25(1) nominating the other member to receive, on his death, an amount belonging to him which is not less than such amount as the Board may specify.
(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 —
(i)
either member is, or both members are, physically or mentally incapacitated —
(A)
from ever continuing in any employment; or
(B)
in such other manner as the Minister may approve;
(ii)
either member lacks, or both members lack, capacity within the meaning of section 4 of the Mental Capacity Act (Cap. 177A);
(iii)
either member is, or both members are, suffering from a medical condition leading to a severely impaired life expectancy; or
(iv)
either member is, or both members are, 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.
(6C) The minimum sum set aside or topped-up by a member shall be utilised as follows:
(a)
such amount (if any) as the Board may determine shall be deposited in the member’s retirement account for the payment of a premium referred to in section 27L(1) or (1A); and
(b)
any remaining amount may be —
(i)
deposited with an approved bank or in the member’s retirement account;
(ii)
used to purchase an approved annuity from an insurer ; or
(iii)
(6CA) For the purposes of subsections (6)(a) and (6C), where a member becomes entitled under subsection (2)(a) to withdraw the sum standing to his credit in the Fund, the Board shall, if required by any regulations made under section 77(1), transfer from that sum to his retirement account, towards the maintenance of the minimum sum, such amount as may be prescribed in those regulations.
(6D) The Minister may, by order published in the Gazette —
(a)
substitute the amount of $2,500 in subsection (6)(b) with such other amount as he thinks fit; and
(b)
specify any other amount as he thinks fit in respect of any class of persons for the purposes of subsection (6)(b).
(7) Where a member has deposited the amount referred to in subsection (6C)(b) with an approved bank or in his retirement account, the member shall, on attaining the prescribed age, be entitled to withdraw from that amount and any interest accruing thereon in accordance with any regulations made under section 77(1).
(7A) A member who has attained the age of 55 years but has not attained the prescribed age shall be entitled to withdraw the amount referred to in subsection (6C)(b), or such part thereof as the Board may determine, from his account with an approved bank or his retirement account, or to surrender his approved annuity from an insurer, if the Board is satisfied that the member —
(a)
is physically or mentally incapacitated —
(i)
from ever continuing in any employment; or
(ii)
in such other manner as the Minister may approve;
(b)
lacks capacity within the meaning of section 4 of the Mental Capacity Act (Cap. 177A);
(c)
is suffering from a medical condition leading to a severely impaired life expectancy;
(d)
is suffering from a terminal illness or disease; or
(e)
is receiving any pension, annuity or other benefit as may be approved which will provide him with a monthly income of an amount that is not less in value than the amount prescribed by the Minister.
(7B) A member of the Fund who is entitled under subsection (7A)(a), (b) or (c) to withdraw the amount referred to in subsection (6C)(b) or any part thereof from his account with an approved bank or his retirement account or surrender his approved annuity from an insurer shall, at the time of the withdrawal or surrender, as the case may be, and in accordance with such directions as the Minister may give in any particular case —
(a)
set aside or top-up in his retirement account such amount as the Minister may specify; and
(b)
set aside or top-up in his medisave account the prescribed amount referred to in section 16.
(7C) The amount referred to in subsection (7B)(a) may be withdrawn by the member in accordance with such terms and conditions as the Minister may from time to time impose.
(8) A member need not comply with subsection (6)(a) if the Board is satisfied that the member —
(a)
is physically or mentally incapacitated —
(i)
from ever continuing in any employment; or
(ii)
in such other manner as the Minister may approve;
(b)
lacks capacity within the meaning of section 4 of the Mental Capacity Act (Cap. 177A);
(c)
is suffering from a medical condition leading to a severely impaired life expectancy;
(d)
is suffering from a terminal illness or disease;
(e)
on his retirement will receive such pension, annuity or other benefit as may be approved which will provide him with a monthly income of not less in value than the amount prescribed by the Minister; or
(f)
has attained the age of 55 years before 1st January 1987.
(8A) A member of the Fund who is entitled under subsection (2)(a), (3) or (4) to withdraw the sum standing to his credit in the Fund and who, under subsection (8)(a), (b) or (c), need not comply with subsection (6)(a) shall, at the time of the withdrawal and in accordance with such directions as the Minister may give in any particular case —
(a)
set aside or top-up in his retirement account such amount as the Minister may specify; and
(b)
set aside or top-up in his medisave account the prescribed amount referred to in section 16.
(8B) The amount referred to in subsection (8A)(a) may be withdrawn by the member in accordance with such terms and conditions as the Minister may from time to time impose.
(8C) Notwithstanding subsections (2A), (6), (7B) and (8A) and section 27, where any amount which a relevant member is entitled to withdraw from his retirement account under subsection (7), or which is due to a relevant member under section 27K(6), has been transferred or paid by the Board into his ordinary account, the Board may, on his application, permit him to withdraw that amount.
(9) Where a member or his spouse owns any immovable property of a value equal to or exceeding the minimum sum, the Board may permit the member —
(a)
to withdraw the amount referred to in subsection (6C)(b) or part thereof from his account with an approved bank or his retirement account; or
(b)
to surrender his approved annuity,
if the member or his spouse, as the case may be, agrees to the creation of a charge on the immovable property owned by him or his spouse, to secure the payment to the Board of the minimum sum for any of the purposes mentioned in subsection (6C).
[5/87; 39/2000]
(9A) Where a member and one or more related persons jointly own any immovable property of a value equal to or exceeding the minimum sum, the Board may permit the member —
(a)
to withdraw the amount referred to in subsection (6C)(b) or part thereof from his account with an approved bank or his retirement account; or
(b)
to surrender his approved annuity,
if the member and the related person or persons, as the case may be, agree to the creation of a charge on the immovable property owned by them to secure the payment to the Board of the minimum sum for any of the purposes mentioned in subsection (6C).
[39/2000]
(10) Where a member or his spouse or both of them jointly own any immovable property sold by an approved developer, by a Housing Authority or by a lessee of a Housing Authority, the Board may permit the member —
(a)
to withdraw the amount referred to in subsection (6C)(b) or part thereof from his account with an approved bank or his retirement account; or
(b)
to surrender his approved annuity,
if the member or his spouse (or both of them), as the case may be, gives an undertaking to refund to the Board an amount equal to the minimum sum or part thereof which he is required to set aside for the purposes of subsection (6C) in the event the property is sold or otherwise disposed of.
[5/87]
(10A) Where a member and one or more persons jointly own any immovable property sold by an approved developer, by a Housing Authority or by a lessee of a Housing Authority, the Board may permit the member —
(a)
to withdraw the amount referred to in subsection (6C)(b) or part thereof from his account with an approved bank or his retirement account; or
(b)
to surrender his approved annuity,
if the member and the person or persons, as the case may be, give an undertaking to refund to the Board an amount equal to the minimum sum or part thereof which the member is required to set aside for any of the purposes mentioned in subsection (6C) in the event the property is sold or otherwise disposed of.
[39/2000]
(10B) The Board shall not enforce any undertaking under subsection (10) or (10A) if the Board is satisfied of the occurrence of any of the events mentioned in subsection (15)(e).
(10C) The Board shall not enforce an undertaking given by a member under subsection (10), or by a member and one or more other persons under subsection (10) or (10A), if —
(a)
the immovable property concerned is an HDB flat; and
(b)
the disposal of the immovable property consists only of a reduction of the term of the lease in the HDB flat pursuant to an agreement entered into by the member, or by the member and the other person or persons, with the Housing and Development Board under the Lease Buyback Scheme.
(11) Where a member has withdrawn any money from the Fund for the purchase of an immovable property from an approved developer, from a Housing Authority or from a lessee of a Housing Authority pursuant to any regulations made under section 77 and the sum standing to the credit of the member in the Fund at the time he attains the age of 55 years is less than the minimum sum, the member shall, in the event the property is sold or otherwise disposed of, refund to the Board from the proceeds of sale or other disposition, an amount sufficient to cover the deficiency in the minimum sum.
[5/87]
(12) No moneys deposited in an account with an approved bank or in a retirement account under subsection (6C) and no withdrawals made by a member from that account with an approved bank or from a retirement account and no payments received by a member from an approved annuity purchased with the minimum sum shall be liable to be attached, sequestered or levied upon for or in respect of any debt or claim, or be subject to any right of set-off by the approved bank for any debt owing by the member to the approved bank.
(13) Such moneys, withdrawals and payments mentioned in subsection (12) shall not pass to the Official Assignee on the bankruptcy of the member.
(14) If the member is adjudicated a bankrupt by a court, such moneys, withdrawals and payments shall be deemed not to form part of his after-acquired property.
[5/87; 10/94]
(15) The following provisions shall apply to a charge created over any immovable property under subsection (9) or (9A):
(a)
the charge shall be subject to all prior statutory rights and charges of any public authority over the immovable property and to all encumbrances registered or notified prior to the date of the notification of the charge;
(b)
upon lodgment by the Board with the Registrar of an instrument (which shall be in such form as the Registrar may require) for the purpose of registering or notifying the charge and the acceptance of the instrument by the Registrar, the Board shall have —
(i)
the power of sale and all other powers relating or incidental thereto as if the Board is a registered mortgagee; and
(ii)
the power to sell, assign and dispose of all rights, benefits and interests under the agreement for the sale and purchase of the immovable property;
(c)
the charge shall extend to all the rights, benefits and interests of the member or his spouse, or the member and the related person or persons, as the case may be, under his or their agreement for sale and purchase of the immovable property;
(d)
the Registrar shall not be concerned to enquire into the regularity or validity of the charge, and shall, on acceptance of the instrument to register or notify the charge, register or notify the charge in the appropriate register maintained by the Registrar under the Land Titles Act (Cap. 157), the Land Titles (Strata) Act (Cap. 158) or the Registration of Deeds Act (Cap. 269), as the case may be;
(e)
the charge shall on the application of the member or any other person having an interest in the property be cancelled if the Board is satisfied of the occurrence of any one of the following events:
(i)
the death of the member;
(ii)
the member is suffering from a terminal illness or disease;
(iii)
(iv)
the minimum sum set aside by the member under subsection (6) has been exhausted on account of withdrawals made by him under subsection (7), the payment by him of a premium referred to in section 27L(1) or (1A), or both; or
(v)
the member satisfies any of the grounds for withdrawals under subsection (2)(b) or (c).
[5/87; 39/2000]
(15A) Section 73 of the Conveyancing and Law of Property Act (Cap. 61) and sections 49L and 49M of the Insurance Act (Cap. 142) shall not apply to any annuity purchased with the minimum sum.
(16) In this section and section 15B —
“approved”, in relation to a bank or an annuity from an insurer, means approved by the Board for the purposes of this section;
“approved developer” means an approved developer under Part IVB of the Housing and Development Act (Cap. 129);
“Housing Authority” has the same meaning as in section 28;
“Lease Buyback Scheme” means a scheme by that name administered by the Housing and Development Board, under which a lessee of an HDB flat who has been approved by the Housing and Development Board to take part in the scheme enters into an agreement with the Housing and Development Board to reduce the term of the lease, in consideration of a sum of money part of which is to be used for the payment of the premium for an annuity plan under the Lifelong Income Scheme established and maintained by the Board under section 27K;
“related person”, in relation to a member, means —
(a)
his spouse;
(b)
a child of the member, including an adopted child and a step-child;
(c)
a father or mother of the member;
(d)
a brother or sister of the member;
(e)
a grandchild of the member;
(f)
a grandparent of the member; or
(g)
any other person who in the opinion of the Board should be regarded as a related person for the purposes of this section;
[39/2000]
“relevant member” has the same meaning as in section 27J.
15A. Notwithstanding anything in section 15, a member of the Fund shall not be entitled to withdraw from the Fund any sum standing to his credit under section 15(2)(b), (c), (d), (e), (f) or (g) unless the Board is satisfied that all moneys lent to the member pursuant to any approved loan scheme within the meaning of section 14A and which have been paid into the Fund under section 14A(2) for the benefit of the member, 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, have been repaid to the Government.
[12/99]
15B.
—(1) A member who is entitled to withdraw the sum standing to his credit in the Fund under section 15(2)(a), (3) or (4) may, in addition to the minimum sum that the member is required to set aside under section 15, set aside in accordance with regulations made under this Act, the balance or any part of the balance of the sum which the member is entitled to withdraw under section 15(2)(a), (3) or (4) (referred to in this section as the additional sum).
[39/2000]
(2) The additional sum set aside under subsection (1) may be deposited with an approved bank or used to purchase an approved annuity from an insurer.
[39/2000]
16.
—(1) Notwithstanding anything in section 15, a member of the Fund shall not be entitled to withdraw any sum standing to the member’s credit in the medisave account under section 15(2)(a), (d), (e), (f) or (g), (3) or (4) if the amount in his medisave account does not exceed the prescribed amount.
[32/84]
(2) Where the amount in a member’s medisave account exceeds the prescribed amount —
(a)
if the member is required to top-up the minimum sum under section 15(6)(a), the amount in excess of the prescribed amount (referred to in this subsection as the excess amount) shall be applied to meet any shortfall in the minimum sum, and any balance of the excess amount may be withdrawn under section 15(3) or (4);
(b)
if the member is required to set aside or top-up in his retirement account the amount referred to in section 15(2A)(a), the excess amount shall be applied to meet any shortfall in that amount, and any balance of the excess amount may be withdrawn under section 15(2)(d), (e) or (f);
(c)
if the member is required to set aside or top-up in his retirement account the amount referred to in section 15(7B)(a) or (8A)(a), the excess amount shall be applied to meet any shortfall in that amount, and any balance of the excess amount may be withdrawn under section 15(2)(a), (3) or (4); or
(d)
(3) In this section, “prescribed amount” means such amount as may be prescribed by the Minister from time to time by regulations made under section 77.
[32/84]
16A.
—(1) Notwithstanding section 24(3A), on or after the death of a member of the Fund, the Board may, subject to such conditions as the Minister may from time to time impose, permit the withdrawal of the whole or any part of the sum standing to his credit in his medisave account, in accordance with any regulations made under section 77(1), for such medical, psychiatric or other treatment or services received by him as may be prescribed by those regulations, if that withdrawal had been authorised —
(a)
before his death, by him or, if he was unable to give the authorisation, by a prescribed person; or
(b)
on or after his death, by a prescribed person.
(2) Where the Board has permitted the withdrawal of any money under subsection (1), section 24(3A) shall not apply to that money.
(3) In subsection (1), “prescribed person” means such person or committee as may be prescribed by any regulations made under section 77(1).
17. The Board may allow a member to withdraw the whole or part of the moneys standing to his credit in his special account for all or any of the following purposes:
(a)
for the payment of any loan taken by him for the purchase of any immovable property by the member in accordance with any regulations made under section 77;
(b)
for the payment of improvement contributions due to the Housing and Development Board in respect of upgrading works carried out under Part IVA of the Housing and Development Act (Cap. 129), or any improvement contribution due to a Town Council in respect of lift upgrading works carried out under Part IVA of the Town Councils Act (Cap. 329A), including the payment of such costs, fees or other incidental expenses arising from the upgrading works as are authorised by any regulations made under section 77.
[12/99]
Transfer or payment of moneys to retirement account or special account, and voluntary maintenance of sum in retirement account
18.
—(1) The Board may, for any of the purposes mentioned in section 15(6C), and subject to any regulations made under section 77(1)(o) and such terms and conditions as the Board may impose, permit —
(a)
a member whose parent, grandparent, spouse or sibling has attained the age of 55 years to transfer such portion of the sum standing to his credit in the Fund as may be prescribed to the retirement account of the parent, grandparent, spouse or sibling, as the case may be;
(b)
any person to pay money into the retirement account of a member who has attained the age of 55 years; or
(c)
any person to voluntarily maintain, in a retirement account with the Board —
(i)
a minimum sum; or
(ii)
any other sum that the Board may allow, being a sum not exceeding such sum as may for the time being be specified by the Minister by notification in the Gazette under section 18B(3)(b).
(1A) All moneys transferred to or paid into a retirement account under subsection (1)(a) or (b) shall be applied in accordance with any regulations made under section 77(1)(o) and such terms and conditions as the Board may impose.
(2) The Board may, for any of the purposes mentioned in section 15(2A)(a), (7B)(a) and (8A)(a) and subject to such terms and conditions as it may impose, permit —
(a)
a member to transfer such portion of the sum standing to his credit in the Fund as the Board may determine to the retirement account of his parent, grandparent, spouse or sibling; or
(b)
any person to pay money into the retirement account of a member.
(3) The Board may, subject to any regulations made under section 77(1)(oa) and such terms and conditions as it may impose, permit —
(a)
a member whose parent, grandparent, spouse or sibling has not attained the age of 55 years to transfer such portion of the sum standing to his credit in the Fund as may be prescribed to the special account of the parent, grandparent, spouse or sibling; or
(b)
any person to pay money into the special account of a member who has not attained the age of 55 years.
(4) Subject to subsection (6), where a member is a parent, grandparent, spouse or sibling to whose special account any moneys have been transferred under subsection (3)(a) —
(a)
the moneys so transferred; and
(b)
any interest that would have accrued thereto,
shall be transferred by the Board to the member’s retirement account when the member attains the age of 55 years.
(5) Subject to subsection (6) —
(a)
any moneys paid by any person into a member’s special account under subsection (3)(b); and
(b)
any interest that would have accrued thereto,
shall be transferred by the Board to the member’s retirement account when the member attains the age of 55 years.
(6) Where, when a member attains the age of 55 years, the total amount of the moneys and interest referred to in subsections (4)(a) and (b) and (5)(a) and (b) exceeds the minimum sum applicable to the member —
(a)
the total amount to be transferred by the Board to the member’s retirement account under subsections (4) and (5) shall not exceed the minimum sum applicable to the member; and
(b)
the moneys and interest referred to in subsections (4)(a) and (b) and (5)(a) and (b) shall be transferred by the Board to the member’s retirement account in the following order of priority:
(i)
the moneys and interest referred to in subsection (4)(a) and (b); and
(ii)
the moneys and interest referred to in subsection (5)(a) and (b).
(7) All moneys transferred to or paid into a special account under subsection (3) shall be applied in accordance with any regulations made under section 77(1)(oa) and such terms and conditions as the Board may impose.
(8) Any moneys transferred under subsection (1)(a), (2)(a) or (3)(a), paid under subsection (1)(b), (2)(b) or (3)(b) or maintained under subsection (1)(c) shall be deemed to be contributions for the purposes of this Act.
18A.
—(1) The Board may, subject to such terms and conditions as it may impose, permit a member who has less than the prescribed amount standing to his credit in his retirement account to transfer a sum standing to his credit in his ordinary account or special account, or in both accounts, to his retirement account, being a sum not exceeding the difference between —
(a)
the prescribed amount; and
(b)
the sum standing to his credit in his retirement account.
(2) In this section, “prescribed amount” means such sum as may for the time being be specified by the Minister by notification in the Gazette under section 18B(3)(b).
18B.
—(1) Subject to subsection (2), a member who has less than the prescribed amount standing to his credit in his special account may apply to the Board to transfer to his special account a sum standing to his credit in his ordinary account, being a sum not exceeding the difference between —
(a)
the prescribed amount; and
(b)
the aggregate of —
(i)
the amount standing to his credit in his special account; and
(ii)
any amount withdrawn from his special account for the making of investments under any scheme in accordance with any regulations made under section 77(1)(n).
(2) An application by a member to transfer the sum standing to his credit in his ordinary account to his special account under subsection (1) shall be irrevocable and the transfer shall be subject to such terms and conditions as the Board may determine.
[30/98]
(3) In this section, “prescribed amount” means —
(a)
$65,000, where no other sum is specified under paragraph (b); or
(b)
where a sum is specified under this paragraph by the Minister for the purposes of this section by notification in the Gazette, such sum as may for the time being be so specified.
[30/98; 39/2000]
[See S 320/2002 wef 01/07/2002; S395/2004wef1stJuly2004]
18C.
—(1) Subject to subsection (2), a member who has less than the requisite amount standing to his credit in his medisave account may apply to the Board to transfer any sum standing to his credit in his ordinary or special account, or in both accounts, to his medisave account.
(2) An application by a member to transfer any sum standing to his credit in his ordinary or special account, or in both accounts, under subsection (1) shall be irrevocable and any transfer shall be subject to such terms and conditions as the Board may determine.
(3) In this section, “requisite amount” means the amount as directed by the Minister under section 13(6).
Provisions relating to moneys transferred or paid to parent’s, grandparent’s, spouse’s or sibling’s retirement account on death or withdrawal under section 15(2)(b) or (c)
19.
—(1) Any moneys transferred by a member to his parent’s, grandparent’s, spouse’s or sibling’s retirement account under section 18(1)(a) or (2)(a) —
(a)
shall not form part of the moneys payable out of the Fund on the death of the parent, grandparent, spouse or sibling, as the case may be; and
(b)
shall not be withdrawn from the Fund by the parent, grandparent, spouse or sibling, as the case may be, under section 15(2)(b) or (c).
(2) Except as otherwise provided by subsections (3) and (4), the moneys transferred under section 18(1)(a) or (2)(a), or the balance thereof, shall be credited to the account from which it was transferred upon —
(a)
the death of the parent, grandparent, spouse or sibling; or
(b)
the withdrawal of any sum from the Fund by the parent, grandparent, spouse or sibling under section 15(2)(b) or (c).
(3) Where any moneys transferred by a member to the retirement account of his parent, grandparent, spouse or sibling under section 18(1)(a) or (2)(a) are transferred or paid by the Board to any person under section 27B —
(a)
subsection (2) shall not apply to those moneys; and
(b)
the person to whom those moneys have been transferred or paid by the Board under section 27B shall be entitled to retain those moneys.
(4) Where the Board receives notice, in accordance with any regulations made under section 77(1), that any moneys transferred by a member to the retirement account of his parent, grandparent, spouse or sibling under section 18(1)(a) or (2)(a) are to be transferred or paid by the Board to any person under section 27B, and the Board has not, at the time it receives the notice, credited those moneys to the account of the member under subsection (2) —
(a)
subsection (2) shall not apply to those moneys; and
(b)
the person to whom those moneys are to be transferred or paid under section 27B shall be entitled to those moneys.
(5) Any moneys paid by a person before 1st November 2008 to his parent’s, grandparent’s, spouse’s or sibling’s retirement account under section 18(1)(b) or (2)(b) as in force immediately before that date shall not form part of the moneys payable out of the Fund on the death of the parent, grandparent, spouse or sibling, as the case may be.
(6) Except as otherwise provided by subsections (7) and (8), the moneys paid under section 18(1)(b) or (2)(b) as in force immediately before 1st November 2008, or the balance thereof, shall be credited to the account of the person who made the payment upon the death of the parent, grandparent, spouse or sibling.
(7) Where any moneys paid by a person before 1st November 2008 to the retirement account of his parent, grandparent, spouse or sibling under section 18(1)(b) or (2)(b) as in force immediately before that date are transferred or paid by the Board to any person under section 27B —
(a)
subsection (6) shall not apply to those moneys; and
(b)
the person to whom those moneys have been transferred or paid by the Board under section 27B shall be entitled to retain those moneys.
(8) Where the Board receives notice, in accordance with any regulations made under section 77(1), that any moneys paid by a person before 1st November 2008 to the retirement account of his parent, grandparent, spouse or sibling under section 18(1)(b) or (2)(b) as in force immediately before that date are to be transferred or paid by the Board to any person under section 27B, and the Board has not, at the time it receives the notice, credited those moneys to the account of the member under subsection (6) —
(a)
subsection (6) shall not apply to those moneys; and
(b)
the person to whom those moneys are to be transferred or paid under section 27B shall be entitled to those moneys.
Provisions relating to moneys transferred or paid to parent’s, grandparent’s, spouse’s or sibling’s special account on death or withdrawal under section 15(2)(b) or (c)
19A.
—(1) Any moneys transferred by a member to his parent’s, grandparent’s, spouse’s or sibling’s special account under section 18(3)(a) —
(a)
shall not form part of the moneys payable out of the Fund on the death of the parent, grandparent, spouse or sibling, as the case may be; and
(b)
shall not be withdrawn from the Fund by the parent, grandparent, spouse or sibling, as the case may be, under section 15(2)(b) or (c).
(2) Except as otherwise provided by subsections (3) and (4), the moneys transferred under section 18(3)(a), or the balance thereof, shall be credited to the account from which it was transferred upon —
(a)
the death of the parent, grandparent, spouse or sibling; or
(b)
the withdrawal of any sum from the Fund by the parent, grandparent, spouse or sibling under section 15(2)(b) or (c).
(3) Where any moneys transferred by a member to the special account of his parent, grandparent, spouse or sibling under section 18(3)(a) are transferred or paid by the Board to any person under section 27B —
(a)
subsection (2) shall not apply to those moneys; and
(b)
the person to whom those moneys have been transferred or paid by the Board under section 27B shall be entitled to retain those moneys.
(4) Where the Board receives notice, in accordance with any regulations made under section 77(1), that any moneys transferred by a member to the special account of his parent, grandparent, spouse or sibling under section 18(3)(a) are to be transferred or paid by the Board to any person under section 27B, and the Board has not, at the time it receives the notice, credited those moneys to the account of the member under subsection (2) —
(a)
subsection (2) shall not apply to those moneys; and
(b)
the person to whom those moneys are to be transferred or paid under section 27B shall be entitled to those moneys.
(5) Any moneys paid by a person before 1st November 2008 to his spouse’s or sibling’s special account under section 18(3)(b) as in force immediately before that date shall not form part of the moneys payable out of the Fund on the death of the spouse or sibling, as the case may be.
(6) Except as otherwise provided by subsections (7) and (8), the moneys paid under section 18(3)(b) as in force immediately before 1st November 2008, or the balance thereof, shall be credited to the account of the person who made the payment upon the death of the spouse or sibling.
(7) Where any moneys paid by a person before 1st November 2008 to the special account of his spouse or sibling under section 18(3)(b) as in force immediately before that date are transferred or paid by the Board to any person under section 27B —
(a)
subsection (6) shall not apply to those moneys; and
(b)
the person to whom those moneys have been transferred or paid by the Board under section 27B shall be entitled to retain those moneys.
(8) Where the Board receives notice, in accordance with any regulations made under section 77(1), that any moneys paid by a person before 1st November 2008 to the special account of his spouse or sibling under section 18(3)(b) as in force immediately before that date are to be transferred or paid by the Board to any person under section 27B, and the Board has not, at the time it receives the notice, credited those moneys to the account of the member under subsection (6) —
(a)
subsection (6) shall not apply to those moneys; and
(b)
the person to whom those moneys are to be transferred or paid under section 27B shall be entitled to those moneys.
20.
—(1) Subject to subsection (1A) and section 25(3), upon an application for the withdrawal of a sum of money standing to the credit of a member of the Fund by a person entitled thereto under section 15 —
(a)
where the applicant is the member, the Board may pay him such sum as he is entitled to withdraw from the Fund (including any interest calculated in accordance with section 6(4) and (4B) up to the date the Board authorised the payment); or
(b)
where the member has died and the applicant is a person nominated by the member by a memorandum executed in accordance with section 25(1) —
(i)
if the memorandum provides for payment in accordance with section 25(1)(a)(i) (whether or not the person is a citizen or permanent resident of Singapore), or if the memorandum provides for payment in accordance with section 25(1)(a)(ii) but the person is not a citizen or permanent resident of Singapore, the Board may pay the person such portion of the sum as he is nominated to receive; or
(ii)
if the memorandum provides for payment in accordance with section 25(1)(a)(ii), and the person is a citizen or permanent resident of Singapore, the Board may —
(A)
subject to sub-paragraph (B), transfer to the person’s accounts in the Fund, in such manner as the member has specified in the memorandum, such portion of the sum as the person is nominated to receive; or
(B)
if that portion exceeds such maximum amount as the Minister may determine for the purposes of section 25(1)(a)(ii)(B), transfer that maximum amount to the person’s accounts in the Fund in such manner as the member has specified in the memorandum, and pay the person the excess.
(1A) Subject to section 25(3) and such conditions as the Minister may impose, where the Board has been notified, in such manner as may be prescribed in any regulations made under section 77(1), of the death of a member of the Fund who has executed a memorandum in accordance with section 25(1), the Board may, without any application for the withdrawal of a sum of money standing to the credit of that member by a person nominated by that member by the memorandum —
(a)
if the memorandum provides for payment in accordance with section 25(1)(a)(i), and the person is a citizen or permanent resident of Singapore, pay the person such portion of the sum as he is nominated to receive; or
(b)
if the memorandum provides for payment in accordance with section 25(1)(a)(ii), and the person is a citizen or permanent resident of Singapore —
(i)
subject to sub-paragraph (ii), transfer to the person’s accounts in the Fund, in such manner as the member has specified in the memorandum, such portion of the sum as the person is nominated to receive; or
(ii)
if that portion exceeds such maximum amount as the Minister may determine for the purposes of section 25(1)(a)(ii)(B), transfer that maximum amount to the person’s accounts in the Fund in such manner as the member has specified in the memorandum, and pay the person the excess.
(2) When any contributions are due to be paid for a member of the Fund in respect of any period ending not later than the last day of the month next following the date on which the withdrawal of the sum of money standing to his credit in the Fund is authorised and the contributions are not paid to the Fund until after the date of authorisation, those contributions may in the discretion of the Board be treated as if they had been included in the amount standing to the credit of the member at the date of authorisation of withdrawal and dealt with in accordance with subsection (1) or (1A), as the case may be.
[5/87]
(3) All applications for withdrawal shall be supported by such evidence as may be prescribed by the Board and by such further evidence as the Board may reasonably require.
21.
—(1) Where in accordance with any regulations made under section 77, a member of the Fund has on or after 1st June 1981 withdrawn any money standing to his credit in the Fund for all or any of the following purposes:
(a)
to make payment, either full or partial, towards the purchase or acquisition of an immovable property;
(b)
to repay or to make periodic payments towards the repayment of any loan taken by the member to finance or re-finance the purchase or acquisition of an immovable property;
(c)
to repay any loan or to reimburse any cost, fee or other expense pursuant to regulations made under section 77(1)(i);
(ca)
to pay any improvement contribution due —
(i)
to the Housing and Development Board in respect of upgrading works carried out under Part IVA of the Housing and Development Act (Cap. 129); or
(ii)
to a Town Council constituted under the Town Councils Act (Cap. 329A) in respect of upgrading works carried out under Part IVA of that Act,
including costs, fees or other incidental expenses arising from such works;
(d)
to pay any costs, fees or other expenses incurred —
(i)
for the purchase or acquisition of an immovable property;
(ii)
for obtaining a loan to finance or re-finance such purchase or acquisition; and
(iii)
in connection with withdrawals of any money from the Fund,
there shall be a charge on the member’s estate or interest in the immovable property to secure the repayment of the money withdrawn from the Fund including the whole or such part, as the Board may determine, of the interest that would have been payable thereon if the withdrawal had not been made and to secure the payment of the minimum sum into the member’s retirement account.
(1A) Where the immovable property is purchased, acquired or owned by the member as a co-purchaser, joint-tenant or tenant-in-common, as the case may be, with one or more persons, the charge shall, with the prior written consent of all the co-purchasers or co-owners, extend to all their respective estates or interests in the immovable property.
[19/83; 16/86; 5/87; 29/93]
(2) A charge under subsection (1) shall extend to all the rights, benefits and interests of the member or the co-purchasers or co-owners, as the case may be, under his or their agreement for sale and purchase of the immovable property.
[19/83; 16/86]
(3) Any charge created over any immovable property under subsection (1) from 1st June 1981 to 31st December 1986 (both dates inclusive) shall unless the Board otherwise decides be deemed to have secured the payment of the minimum sum into a member’s retirement account.
[5/87]
(4) Upon lodgment by the Board with the Registrar of an instrument (which shall be in such form as the Registrar may require) for the purpose of registering or notifying any charge under subsection (1) and the acceptance of the instrument by the Registrar, the Board shall have —
(a)
the power of sale and all other powers relating or incidental thereto as if the Board is a registered mortgagee; and
(b)
the power to sell, assign and dispose of all rights, benefits and interests under the agreement for the sale and purchase of the immovable property.
[19/83; 16/86]
(5) The Registrar shall not be concerned to enquire into the regularity or validity of a charge under subsection (1), and shall, on acceptance of the instrument to register or notify the charge, register or notify the charge in the appropriate register maintained by the Registrar under the Land Titles Act (Cap. 157), the Land Titles (Strata) Act (Cap. 158) or the Registration of Deeds Act (Cap. 269), as the case may be.
[19/83]
(6) Any charge under subsection (1) shall be subject to all statutory rights and charges of any public authority over the immovable property and, in the absence of any agreement giving priority to the Board, to all encumbrances registered or notified prior to the date of acceptance by the Registrar of the instrument to register or notify the charge.
[19/83; 16/86]
(7) The repayment of the minimum sum to the Board, if it is secured by a charge on the member’s estate or interest on the immovable property under subsection (1), shall rank after the claims of a mortgagee or chargee other than the Board prior to the date when the member is required to deposit a prescribed sum in accordance with section 15(6).
[5/87]
(8) Notwithstanding section 80 of the Land Titles Act (Cap. 157) and section 15 of the Registration of Deeds Act (Cap. 269) —
(a)
where further withdrawals from the Fund are authorised by the Board after the registration or notification of any mortgage or charge created in favour of the Board at any time after the acceptance by the Registrar of the instrument lodged under subsection (4) for the purpose of registering or notifying a charge under subsection (1), all such withdrawals shall rank in priority to any other claims as if the withdrawals were made at the date of the creation of the mortgage or charge in favour of the Board; and
(b)
where any further advances have been made by a prior mortgagee or chargee after the Board has given notice in writing of the charge under subsection (1) to the prior mortgagee or chargee or after the acceptance by the Registrar of the instrument to register or notify the charge under subsection (4), such further advances shall not rank in priority to the Board’s charge under subsection (1).
[19/83; S227/95]
(9) Notwithstanding subsections (1) and (8), advances, interest and other moneys secured by a mortgage or charge on an immovable property may, with the agreement of the Board and subject to such conditions as the Board may impose, rank in priority or in pari passu to the Board’s charge under subsection (1) or any mortgage or charge created in favour of the Board.
[19/83; 16/86]
(10) A charge under subsection (1) shall continue in force until —
(a)
all moneys secured by the charge —
(i)
have been repaid to the Fund; or
(ii)
are no longer required by any regulations made under section 77(1) to be repaid to the Fund; or
(b)
the Board is satisfied of the occurrence of any of the events mentioned in section 15(15)(e),
in which event the member or any other person having an interest in the immovable property shall be entitled to have the charge cancelled.
(11) Subsections (4), (9) and (10) shall apply to all charges under subsection (1) securing the repayment of moneys withdrawn from the Fund pursuant to any regulations made under section 77.
[19/83]
(12) In this section and sections 15, 21A and 21B —
“public authority” means the Government, the Collector of Land Revenue, the Comptroller of Property Tax, and any other person, corporation or body, authorised or empowered by any written law to attach, sell or acquire land compulsorily;
“Registrar” means —
(a)
the Registrar of Titles, a Deputy Registrar of Titles or an Assistant Registrar of Titles appointed under the Land Titles Act (Cap. 157); and
(b)
where the occasion requires, the Registrar of Deeds or a Deputy Registrar of Deeds appointed under the Registration of Deeds Act (Cap. 269).
[19/83; 5/87; 27/95]
(13) This section shall not apply to any immovable property or class of immovable properties which the Minister may, by notification in the Gazette, specify.
[19/83; 16/86]
Registration of charge on immovable property to secure repayment of withdrawals from Fund before 1st June 1981
21A.
—(1) Where in accordance with any regulations made under section 77 a member of the Fund has before 1st June 1981 withdrawn any money standing to his credit in the Fund —
(a)
to make payment, either full or partial, towards the purchase or acquisition of an immovable property;
(b)
to repay or to make periodic payments towards the repayment of any loan taken by the member to finance or re-finance the purchase or acquisition of an immovable property; or
(c)
to pay any costs, fees or other expenses incurred —
(i)
for the purchase or acquisition of an immovable property;
(ii)
for obtaining a loan to finance or re-finance such purchase or acquisition; and
(iii)
in connection with withdrawals of any money from the Fund,
the Board may register or notify, in the appropriate register maintained by the Registrar under the Land Titles Act, the Land Titles (Strata) Act (Cap. 158) or the Registration of Deeds Act, a charge on the member’s estate or interest in the immovable property to secure the repayment of the money withdrawn from the Fund including the whole or such part, as the Board may determine, of the interest that would have been payable thereon if the withdrawal had not been made and to secure the payment of the minimum sum into the member’s retirement account.
(1A) Where the immovable property is purchased, acquired or owned by the member as a co-purchaser, joint-tenant or tenant-in-common, as the case may be, with one or more persons, the charge shall, with the prior written consent of all the co-purchasers or co-owners, extend to all their respective estates or interests in the immovable property.
[27/95]
(2) A charge under subsection (1) shall extend to all the rights, benefits and interests of the member or the co-purchasers or co-owners, as the case may be, under his or their agreement for sale and purchase of the immovable property.
[27/95]
(3) Upon lodgment by the Board with the Registrar of an instrument (which shall be in such form as the Registrar may require) for the purpose of registering or notifying any charge under subsection (1) and the acceptance of the instrument by the Registrar, the Board shall have —
(a)
the power of sale and all other powers relating or incidental thereto as if the Board is a registered mortgagee; and
(b)
the power to sell, assign and dispose of all rights, benefits and interests under the agreement for the sale and purchase of the immovable property.
[27/95]
(4) The Registrar shall not be concerned to enquire into the regularity or validity of a charge under subsection (1) and shall, on acceptance of the instrument to register or notify the charge, register or notify the charge in the appropriate register maintained by the Registrar under the Land Titles Act (Cap. 157), the Land Titles (Strata) Act (Cap. 158) or the Registration of Deeds Act (Cap. 269), as the case may be.
[27/95]
(5) Any charge under subsection (1) shall be subject to all statutory rights and charges of any public authority over the immovable property and, in the absence of any agreement giving priority to the Board, to all encumbrances registered or notified prior to the date of acceptance by the Registrar of the instrument to register or notify the charge.
[27/95]
(6) The repayment of the minimum sum to the Board, if it is secured by a charge on the member’s estate or interest on the immovable property under subsection (1), shall rank after the claims of a mortgagee or chargee other than the Board prior to the date when the member is required to deposit a prescribed sum in accordance with section 15(6).
[27/95]
(7) Notwithstanding section 80 of the Land Titles Act (Cap. 157) and section 15 of the Registration of Deeds Act (Cap. 269) —
(a)
where further withdrawals from the Fund are authorised by the Board after the registration or notification of any mortgage or charge created in favour of the Board at any time after the acceptance by the Registrar of the instrument lodged under subsection (3) for the purpose of registering or notifying a charge under subsection (1), all such withdrawals shall rank in priority to any other claims as if the withdrawals were made at the date of the creation of the mortgage or charge in favour of the Board; and
(b)
where any further advances have been made by a prior mortgagee or chargee after the Board has given notice in writing of the charge under subsection (1) to the prior mortgagee or chargee or after the acceptance by the Registrar of the instrument to register or notify the charge under subsection (3), such further advances shall not rank in priority to the Board’s charge under subsection (1).
[27/95]
(8) Notwithstanding subsections (1) and (7), advances, interest and other moneys secured by a mortgage or charge on an immovable property may, with the agreement of the Board and subject to such conditions as the Board may impose, rank in priority or in pari passu to the Board’s charge under subsection (1) or any mortgage or charge created in favour of the Board.
[27/95]
(9) A charge under subsection (1) shall continue in force until —
(a)
all moneys secured by the charge —
(i)
have been repaid to the Fund; or
(ii)
are no longer required by any regulations made under section 77(1) to be repaid to the Fund; or
(b)
the Board is satisfied of the occurrence of any of the events mentioned in section 15(15)(e),
in which event the member or any other person having an interest in the immovable property shall be entitled to have the charge cancelled.
(10) Where costs, fees or other incidental expenses are incurred for the registration or notification of a charge under subsection (1) or section 21(4) or the discharge thereof, the Board may, subject to such terms and conditions as it may impose, authorise the whole or part of the amount standing to the member’s credit in the Fund to be withdrawn and used to pay such costs, fees and other incidental expenses.
[27/95]
(11) This section shall not apply to any immovable property or class of immovable properties which the Minister may, by notification in the Gazette, specify.
[27/95]
21B.
—(1) Where in accordance with any regulations made under section 77, a member of the Fund had or has before, on or after 1st January 2003 withdrawn any money standing to his credit in the Fund —
(a)
to make full or partial payment towards the purchase or acquisition of an HDB flat;
(b)
to repay or to make periodic payments towards the repayment of any loan taken by the member to finance or re-finance the purchase or acquisition of an HDB flat;
(c)
to pay any improvement contribution due to the Housing and Development Board in respect of upgrading works carried out on an HDB flat under Part IVA of the Housing and Development Act (Cap. 129), or any improvement contribution due to a Town Council in respect of lift upgrading works carried out in relation to an HDB flat under Part IVA of the Town Councils Act (Cap. 329A), including the payment of costs, fees or other incidental expenses arising from such works; or
(d)
to pay any costs, fees or other expenses incurred —
(i)
for the purchase or acquisition of an HDB flat;
(ii)
for obtaining a loan to finance or re-finance such purchase or acquisition; and
(iii)
in connection with withdrawals of any money from the Fund,
there shall, immediately upon any such withdrawal, be a charge constituted on that HDB flat to secure the repayment of the money withdrawn from the Fund including the whole or such part, as the Board may determine, of the interest that would have been payable thereon if the withdrawal had not been made and to secure the payment of the minimum sum into the member’s retirement account.
(2) Upon the constitution of the charge on an HDB flat under subsection (1), the Board shall have the power of sale and all other powers relating or incidental thereto to sell and effectually transfer the title to the HDB flat to any purchaser as if the Board were a registered mortgagee notwithstanding that the charge is not registered under the Land Titles Act (Cap. 157).
(3) Any charge constituted on an HDB flat under subsection (1) shall be —
(a)
subject to all statutory rights and charges of any public authority over the HDB flat;
(b)
subject to any resale levy imposed by the Housing and Development Board in respect of the HDB flat except where the person on whom the resale levy is imposed has obtained a loan, whether redeemed or not, from any person other than the Housing and Development Board to finance the purchase or acquisition of the HDB flat;
(c)
subject to, in the absence of any agreement giving priority to the Board, all encumbrances registered or notified prior to the date of the constitution of the charge; and
(d)
subject to, rank in priority to, or rank equally without preference with, such other encumbrances as may be specified in regulations made under section 77.
(4) The repayment of the minimum sum to the Board, if it is secured by a charge on the HDB flat under subsection (1), shall rank after the claims of a mortgagee or chargee other than the Board before the date the member is required to deposit a prescribed sum under section 15(6).
(5) If —
(a)
moneys secured by any charge constituted on an HDB flat under subsection (1) become due and payable to the Board under any regulations made under section 77; and
(b)
such moneys or any part thereof is not paid on the expiry of the period of 60 days from the date they become due and payable,
the Board may, with the prior written approval of the Housing and Development Board, by notice of sale (to be served or published in the manner to be specified in regulations made under section 77) declare its intention of selling the HDB flat.
(6) If, on the expiry of the period of 90 days from the date of the notice of sale, the moneys secured by the charge or any part thereof has not been paid to the Board, the Board may sell the HDB flat.
(7) Where the Board has sold any HDB flat under subsection (6), neither the purchaser of the HDB flat nor the Registrar shall be concerned to inquire into the regularity or validity of the sale or transfer.
(8) For the purpose of registration of a transfer of any HDB flat sold under subsection (6), the Registrar may dispense with the production of the duplicate lease of the HDB flat or the duplicate subsidiary certificate of title in respect of the HDB flat, as the case may be.
(9) The moneys received by the Board in exercise of its power of sale under subsection (6) shall be held by the Board in trust to be applied —
(a)
firstly, to discharge any right or charge specified in subsection (3)(a);
(b)
secondly, to pay any resale levy specified in subsection (3)(b);
(c)
thirdly, to discharge any encumbrance specified in subsection (3)(c);
(d)
fourthly, in payment of all costs and expenses properly incurred by the Board as incident to the sale or attempted sale, or otherwise;
(e)
fifthly, in payment to the Board of all moneys secured by the charge and in payment to any other party of all moneys to discharge any encumbrance specified in regulations made under section 77 for the purpose of subsection (3)(d), in the order of priority specified in the regulations; and
(f)
finally, in payment of moneys in the order of priority specified in regulations made under section 77.
(10) Notwithstanding section 80 of the Land Titles Act (Cap. 157), where further withdrawals from the Fund are authorised by the Board when a charge constituted on an HDB flat under subsection (1) is subsisting, all such withdrawals shall rank in priority to any other claims over the HDB flat as if the withdrawals were made at the date of the constitution of that charge.
(11) Any charge constituted under subsection (1) shall continue in force until —
(a)
all moneys secured by the charge —
(i)
have been repaid to the Fund; or
(ii)
are no longer required by any regulations made under section 77(1) to be repaid to the Fund; or
(b)
the Board is satisfied of the occurrence of any of the events mentioned in section 15(15)(e).
(12) This section shall not apply to —
(a)
any HDB flat in respect of which a charge in favour of the Board has been registered or notified in the appropriate register maintained by the Registrar under the Land Titles Act (Cap. 157);
(b)
any HDB flat designated by the Housing and Development Board as an HUDC Phase III or IV flat; or
(c)
any HDB flat or class of HDB flats which the Minister may, by notification in the Gazette, specify.
(13) Sections 21 and 21A shall not apply to any HDB flat to which this section applies.
(14) [Deleted by Act 18/2009 wef 20/08/2009][36/2002 wef 01/01/2003]
22.
—(1) The Board may, subject to such terms and conditions as it may impose, permit a member of the Fund to withdraw such portion of the sum standing to his credit in the Fund as may be prescribed for the payment of tuition fees payable by that member, his child or such other relative as may be approved by the Board, for a course of study conducted, or to be conducted, in whole or in part at an approved educational institution, including any such course of study leading to a qualification conferred by another educational institution.
[30/89]
(2) Every application for withdrawal under subsection (1) shall be made to the Board in such form as may be approved by the Board.
[30/89]
(3) Where a member wishes to make any withdrawals for himself, his child or relative for the purpose of subsection (1), that member, child or relative shall —
(a)
give an undertaking to the Board; and
(b)
if required by the Board, furnish a guarantee by any person acceptable to the Board,
for the repayment to the Board to the account of that member in the Fund from whose account such withdrawals were made, all sums withdrawn, together with the whole or such part, as the Board may determine, of the interest that would have been payable thereon, in such manner and within such time as may be prescribed.
[30/89]
(4) An undertaking given to the Board by any person under subsection (3) shall be enforceable notwithstanding that the person was a minor at the time the undertaking was given.
[30/89]
(5) Notwithstanding anything in this Act, any sum not returned to the Board to the account of the member in the Fund under subsection (3) may be sued for and recovered by the Board under section 65.
[30/89]
(5A) The Board may refuse to permit a withdrawal under subsection (1) for a payment to an approved educational institution, if the approved educational institution fails to —
(a)
provide such information, evidence and documents relevant to the payment as the Board may reasonably require from the approved educational institution; or
(b)
comply with such administrative or operational requirements as the Board may reasonably impose under an arrangement between the Board and the approved educational institution.
(5B) Without prejudice to subsections (3), (4) and (5), where any sum standing to the credit of a member in the Fund has been withdrawn and paid to an approved educational institution in error —
(a)
the approved educational institution shall repay to the Board, to the account of the member in the Fund, that sum, together with the whole or such part, as the Board may determine, of the interest that would have been payable thereon;
(b)
the approved educational institution shall, if it caused or contributed to the error —
(i)
reimburse the Board for all reasonable expenses incurred by the Board in rectifying the error; and
(ii)
indemnify the Board against any liability (whether to the member or to any other person) incurred by the Board in connection with the withdrawal or payment;
(c)
any sum not repaid to the Board under paragraph (a) may be sued for and recovered by the Board under section 65; and
(d)
any sum not paid to the Board under paragraph (b) may be sued for and recovered by the Board as a debt due to the Board.
(6) In this section —
“approved educational institution” means any educational institution in Singapore approved by the Minister for the purposes of subsection (1);
“course of study” means any course of study which is of a type prescribed by the Minister for the purposes of subsection (1);
“relative” means a person who is related to a member and who is dependent on that member for his care and maintenance;
“tuition fees” includes any administrative fees imposed by the Board in respect of any withdrawals made by a member under this section.
[30/89]
Regulations for purposes of section 22
23. The Minister may make such regulations as are necessary or expedient for the purpose of carrying out the provisions of section 22 and, in particular, such regulations may —
(a)
prescribe the amount and the manner in which withdrawals may be made by members;
(b)
provide for the manner and time for the repayment of such withdrawals by members and other persons who have utilised the withdrawals;
(c)
provide for such information, evidence and documents that the Board may require from members of the Fund and other persons who have utilised such withdrawals; and
(d)
prescribe anything which may be prescribed by the Minister under section 22.
[30/89]
24.
—(1) Notwithstanding any written or other law but subject to sections 27B, 27C, 27D, 27E, 27F, 27G, 27H and 57C and any regulations made under section 57F or 77(1) —
(a)
no withdrawals made from the Fund under this Act and no rights of any member of the Fund acquired thereunder; and
(b)
no moneys repayable to the Fund by any member of the Fund which are secured by —
(i)
a charge on his estate or interest in an immovable property under section 21(1) or 21A(1); or
(ii)
a charge constituted on an HDB flat under section 21B(1),
shall be assignable, transferable, attached, sequestered or levied upon for or in respect of any debt or claim, or be subject to any set-off of any nature for any debt owing by the member.
(2) Notwithstanding any written or other law but subject to sections 27G and 27H and any regulations made under section 77(1), every investment made by a member of the Fund under any scheme in accordance with any regulations made under section 77(1)(n) the proceeds or benefits (or any part thereof) of which the member is obliged to repay into the Fund, and any proceeds or benefits of such an investment which the member is obliged to repay into the Fund, shall not be assignable, transferable, attached, sequestered or levied upon for or in respect of any debt or claim, or be subject to any set-off of any nature for any debt owing by the member.
(2A) Section 73 of the Conveyancing and Law of Property Act (Cap. 61) and section 49L of the Insurance Act (Cap. 142) shall not apply to —
(a)
any policy of insurance which is an investment made by a member of the Fund under any scheme in accordance with any regulations made under section 77(1)(n) the proceeds or benefits (or any part thereof) of which the member is obliged to repay into the Fund; and
(b)
any proceeds or benefits of such a policy of insurance which the member is obliged to repay into the Fund.
(3) Notwithstanding anything in the Bankruptcy Act (Cap. 20), if a member of the Fund is adjudicated a bankrupt by a court, every investment made by the member under any scheme in accordance with any regulations made under section 77(1)(n) the proceeds or benefits (or any part thereof) of which the member is obliged to repay into the Fund, and any proceeds or benefits of such an investment which the member is obliged to repay into the Fund —
(a)
shall not pass to the Official Assignee on the bankruptcy of the member; and
(b)
shall be deemed not to form part of the property of the member.
(3A) Subject to subsection (3B), sections 16A, 25(2A), 27N and 57C and any regulations made under section 27Q or 57F, all moneys paid out of the Fund on the death of any member of the Fund shall be deemed to be impressed with a trust in favour of —
(a)
the person or persons nominated under section 25(1) by the deceased member, if any; or
(b)
the person or persons determined by the Public Trustee in accordance with section 25(2) to be entitled thereto,
but shall, without prejudice to the operation of the Estate Duty Act (Cap. 96), be deemed not to form part of the deceased member’s estate or to be subject to his debts.
(3B) Where any money is payable to the spouse or former spouse of a member of the Fund under section 27B(1), (2) or (3) on the death of the member, subsection (3A) shall not apply to that money.
(4) Subject to sections 27N and 57C and any regulations made undersection 27Q or 57F, no contribution to the Fund or interest thereon shall be subject to the debts of the member of the Fund, nor shall the contribution or interest pass to the Official Assignee on the bankruptcy of the member.
(5) If the member is adjudicated a bankrupt by a court, the contribution and interest shall be deemed not to form part of the property of the member.
(6) The bankruptcy of an employee shall not affect the payment of contributions from the wages of the employee in accordance with the provisions of this Act, but that payment shall continue to be made notwithstanding the provisions of any written law and the portion of wages so paid shall be deemed not to form part of his after-acquired property.
(7) [Deleted by Act 18/2009 wef 20/08/2009]
25.
—(1) Subject to such conditions as may be prescribed by the Board, any member of the Fund may, by a memorandum executed in such manner as may be prescribed by the Board, nominate any person to receive in his own right —
(a)
such portion of the amount payable on the member’s death out of the Fund under section 20(1)(b) or (1A) —
(i)
by the payment of that portion to that person; or
(ii)
if that person is a citizen or permanent resident of Singapore at the time the Board is satisfied that the memorandum is duly executed —
(A)
subject to sub-paragraph (B), by the transfer of that portion to that person’s accounts in the Fund in such manner as the member may specify in the memorandum; or
(B)
if that portion exceeds such maximum amount as the Minister may determine, by the transfer of that maximum amount to that person’s accounts in the Fund in such manner as the member may specify in the memorandum, and by the payment of the excess to that person; or
(b)
such portion of any shares designated under section 26(1) as the memorandum shall indicate.
(1A) For the avoidance of doubt, a member of the Fund may nominate one or more persons by a memorandum under subsection (1).
(1B) For the purposes of subsection (1)(a)(ii)(B), the Minister may determine different maximum amounts for different classes of persons nominated under subsection (1).
(2) Subject to subsection (2A), where, at the time of the death of a member of the Fund, no person has been nominated by him under subsection (1), the total amount payable on his death out of the Fund shall be paid to the Public Trustee for disposal in accordance with —
(a)
the Intestate Succession Act (Cap. 146), if the member is not a Muslim at the time of his death; or
(b)
section 112 of the Administration of Muslim Law Act (Cap. 3), if the member is a Muslim at the time of his death.
(2A) Notwithstanding subsection (2) and section 24(3A), where any person has incurred any reasonable funeral expenses in respect of a deceased member of the Fund, and that person has been determined by the Public Trustee in accordance with subsection (2) to be entitled to any moneys paid out of the Fund on the death of the member, the Public Trustee —
(a)
may pay to that person, from the moneys paid to the Public Trustee under subsection (2), such amount as the Public Trustee determines to be reasonable to defray those expenses; and
(b)
shall pay the remainder of the moneys paid to the Public Trustee under subsection (2) in accordance with —
(i)
the Intestate Succession Act (Cap. 146), if the member is not a Muslim at the time of his death; or
(ii)
section 112 of the Administration of Muslim Law Act (Cap. 3), if the member is a Muslim at the time of his death.
(3) Notwithstanding sections 15(5) and 20(1) and (1A), if any person nominated under subsection (1) (not being a widow of the deceased member) is below the age of 18 years at the time of payment of the amount payable out of the Fund, any portion of that amount which the nominated person would have received by payment to the nominated person shall similarly be paid to the Public Trustee for the benefit of the nominated person.
(4) The receipt of a person nominated under subsection (1) or of the Public Trustee shall be a discharge to the Board for the portion of the amount payable out of the Fund on the death of a member which is paid to the person or transferred to the person’s accounts in the Fund or which is paid to the Public Trustee under subsection (2) or (3), as the case may be.
(4A) If a person nominated by a member in accordance with subsection (1) has died at the time of payment of the amount payable out of the Fund on the death of the member, and the portion of that amount which the nominated person would have received by payment to the nominated person does not exceed such amount as the Minister may, by notification in the Gazette, specify —
(a)
the Board may pay to a proper claimant the whole or any part, as the Board may determine, of the portion of that amount which the nominated person would have received by payment to the nominated person; and
(b)
the receipt of the proper claimant shall be a discharge to the Board for the amount paid to the proper claimant under paragraph (a).
(4B) Subsection (4A) shall not affect any recourse which any person may have against a proper claimant for an amount paid to the proper claimant under subsection (4A)(a).
(5) Any nomination made by a member of the Fund under subsection (1) shall be revoked —
(a)
by his marriage, whether the marriage was contracted before, on or after 15th May 1980; or
(b)
in such other circumstances, and in such manner, as the Board may prescribe.
(6) Notwithstanding subsection (5), where a nomination made by a member under subsection (1) is revoked by his marriage, and the Board, in ignorance of the marriage, purports to pay or transfer any amount payable out of the Fund on the death of the member in accordance with the revoked nomination and this section —
(a)
the Board shall nevertheless be discharged from all liability in respect of the payment or transfer; but
(b)
this subsection shall not affect any recourse which any person may have against the recipient of the payment or transfer.
(7) In this section —
“child” means a legitimate child and includes any child adopted by virtue of an order of court under any written law for the time being in force in Singapore, Malaysia or Brunei Darussalam;
“parent” includes an adoptive parent;
“proper claimant” means a person who —
(a)
claims to be entitled to a deceased nominated person’s portion of the amount payable out of the Fund on the death of a member as executor of the deceased nominated person; or
(b)
claims to be entitled to a deceased nominated person’s portion of the amount payable out of the Fund on the death of a member (whether for his own benefit or not), and is the widower, widow, child, grandchild, parent, brother, sister, nephew, niece, grandparent, uncle or aunt of the deceased nominated person.
Distribution and disposal of certain shares on death of member who dies on or after 1st January 1996 and has executed memorandum under section 25(1)
26.
—(1) Upon the death of a member of the Fund who has executed a memorandum under section 25(1), such shares or class of shares in any approved corporation as the Minister may designate belonging to the member at the time of his death which were purchased from moneys withdrawn under this Act shall, notwithstanding any written or other law, vest in the Board and shall not form part of the estate of the deceased member.
[31/95]
(2) The Board shall, as soon as practicable and subject to such terms and conditions as the Board may impose, transfer the shares vested in the Board under subsection (1) to the person or persons nominated by the deceased member to receive in his or their own right such portions of the shares as indicated in the memorandum executed under section 25(1) and the receipt of such person or persons shall be a discharge to the Board in respect of the shares.
[31/95]
(2A) Where any document or information is necessary for effecting the transfer of any shares vested in the Board under subsection (1) to the person nominated to receive those shares, the Board may, by notice to any person who possesses that document or information, require that person to furnish that document or information to the Board within such reasonable period as may be specified in the notice.
(2B) Where a person nominated to receive any shares is entitled to receive any amount payable on the member’s death out of the Fund, the Board may deduct from that amount a sum for the payment of the whole or any part of any fee or charge in connection with the transfer of those shares to the nominated person.
(3) Notwithstanding subsection (2), the Board may sell any shares vested in the Board under subsection (1), in such manner and at such time as may be prescribed by any regulations made under section 77(1), if —
(a)
the Board is for any reason unable to transfer those shares to the person nominated to receive those shares;
(b)
the nominated person has instructed the Board to sell those shares;
(c)
the nominated person is an undischarged bankrupt;
(d)
the nominated person has died;
(e)
the 7th anniversary of the day of the member’s death has passed; or
(f)
there exist such other circumstances as may be prescribed in those regulations.
(4) Where the Board has sold, under subsection (3), any shares which a person is nominated to receive —
(a)
the Board may deduct a sum for the payment of the whole or any part of any fee or charge in connection with the sale of those shares from the proceeds of the sale of the shares; and
(b)
the Board shall deal with the proceeds of the sale of the shares (after making any deduction under paragraph (a)) in accordance with subsections (4A), (4B) and (4D).
(4A) Where the memorandum executed by the deceased member under section 25(1) provides for payment in accordance with section 25(1)(a)(i) (whether or not the person nominated to receive the shares is a citizen or permanent resident of Singapore), or where the memorandum executed by the deceased member provides for payment in accordance with section 25(1)(a)(ii) but the person nominated to receive the shares is not a citizen or permanent resident of Singapore —
(a)
the Board shall, as soon as practicable and after such application as the Board may require has been made to the Board, pay the proceeds of the sale of the shares (after making any deduction under subsection (4)(a)) —
(i)
subject to sub-paragraphs (ii) and (iii), to the nominated person;
(ii)
if the nominated person (not being a widow of the deceased member) is below the age of 18 years at the time of the payment, to the Public Trustee; or
(iii)
if the nominated person has died, and the proceeds of the sale of the shares do not exceed such amount as the Minister may, by notification in the Gazette, specify, to a proper claimant; and
(b)
the following shall be a discharge to the Board in respect of the shares sold under subsection (3):
(i)
the receipt of the nominated person for the proceeds of the sale of the shares, if paragraph (a)(i) applies;
(ii)
the receipt of the Public Trustee for the proceeds of the sale of the shares, if paragraph (a)(ii) applies; or
(iii)
the receipt of the proper claimant for the proceeds of the sale of the shares, if paragraph (a)(iii) applies.
(4B) Where the memorandum executed by the deceased member under section 25(1) provides for payment in accordance with section 25(1)(a)(ii), and the person nominated to receive the shares is a citizen or permanent resident of Singapore —
(a)
the Board shall, as soon as practicable and after such application as the Board may require has been made to the Board —
(i)
subject to sub-paragraph (ii), pay to the nominated person’s accounts in the Fund, in such manner as the member has specified in the memorandum, the proceeds of the sale of the shares (after making any deduction under subsection (4)(a)); or
(ii)
if those proceeds exceed such maximum amount as the Minister may determine, pay that maximum amount to the nominated person’s accounts in the Fund in such manner as the member has specified in the memorandum, and pay the excess —
(A)
subject to sub-paragraphs (B) and (C), to the nominated person;
(B)
if the nominated person (not being a widow of the deceased member) is below the age of 18 years at the time of the payment, to the Public Trustee; or
(C)
if the nominated person has died, and the excess does not exceed such amount as the Minister may, by notification in the Gazette, specify, to a proper claimant; and
(b)
the following shall be a discharge to the Board in respect of the shares sold under subsection (3):
(i)
the receipt of the nominated person for the proceeds of the sale of the shares, if paragraph (a)(i) or (ii)(A) applies;
(ii)
the payment of the amount referred to in paragraph (a)(ii) to the nominated person’s account and the receipt of the Public Trustee for the balance of the proceeds of the sale of the shares referred to in paragraph (a)(ii), if paragraph (a)(ii)(B) applies; or
(iii)
the payment of the amount referred to in paragraph (a)(ii) to the nominated person’s account and the receipt of the proper claimant for the balance of the proceeds of the sale of the shares referred to in paragraph (a)(ii), if paragraph (a)(ii)(C) applies.
(4C) Subsections (4A) and (4B) shall not affect any recourse which any person may have against a proper claimant for any amount paid to the proper claimant under subsections (4A)(a)(iii) and (4B)(a)(ii)(C), respectively.
(4D) Where the Board is for any reason unable to deal with the proceeds of the sale of the shares (after making any deduction under subsection (4)(a)) in accordance with subsection (4A) or (4B), the Board shall pay those proceeds into the general moneys of the Fund.
(4E) For the avoidance of doubt, subsection (4D) does not preclude the Board from dealing with the proceeds of the sale of the shares (after making any deduction under subsection (4)(a)) in accordance with subsection (4A) or (4B) after those proceeds have been paid into the general moneys of the Fund.
(4F) For the purposes of subsection (4B)(a)(ii), the Minister may determine different maximum amounts for different classes of persons nominated to receive the shares.
(5) In this section —
“child” means a legitimate child and includes any child adopted by virtue of an order of court under any written law for the time being in force in Singapore, Malaysia or Brunei Darussalam;
“parent” includes an adoptive parent;
“proper claimant” means a person who —
(a)
claims to be entitled to the proceeds of the sale of a deceased nominated person’s portion of the shares vested in the Board under subsection (1) or the balance thereof as executor of the deceased nominated person; or
(b)
claims to be entitled to the proceeds of the sale of a deceased nominated person’s portion of the shares vested in the Board under subsection (1) or the balance thereof (whether for his own benefit or not), and is the widower, widow, child, grandchild, parent, brother, sister, nephew, niece, grandparent, uncle or aunt of the deceased nominated person.
(6) A memorandum executed under section 25(1) by any member of the Fund shall, if valid immediately before 1st January 1996, be deemed to apply to any shares designated under subsection (1).
[31/95]
(7) This section shall not apply to any member of the Fund who died before 1st January 1996.
[31/95]
Distribution and disposal of certain shares on death of member who died before 1st January 1996 or has not executed memorandum under section 25(1)
26A.
—(1) Upon the death of a member who died before 1st January 1996, or who has not executed any memorandum under section 25(1), such shares or class of shares in any approved corporation as the Minister may designate belonging to the member at the time of his death which were purchased from moneys withdrawn under this Act shall, notwithstanding any written or other law, vest in the Board and shall not form part of the estate of the deceased member.
(2) The Board shall, as soon as practicable and subject to such terms and conditions as the Board may impose, transfer the shares vested in the Board under subsection (1) to —
(a)
the securities account, if any, belonging to and in the sole name of the deceased member; or
(b)
if the deceased member does not have any securities account in his sole name, the securities account opened and operated by the personal representatives of the deceased member on behalf and for the benefit of the estate of the deceased member.
(3) The following shall be a discharge to the Board in respect of the shares vested in the Board under subsection (1):
(a)
the transfer of those shares in accordance with subsection (2)(a);
(b)
the transfer of those shares in accordance with subsection (2)(b), and the receipt of the personal representatives of the deceased member in respect of those shares.
(4) Where any document or information is necessary for effecting the transfer, in accordance with subsection (2), of any shares vested in the Board under subsection (1), the Board may, by notice to any person who possesses that document or information, require that person to furnish that document or information to the Board within such reasonable period as may be specified in the notice.
(5) The Board may recover the whole or any part of any fee or charge in connection with the transfer, in accordance with subsection (2), of the shares vested in the Board under subsection (1) from the personal representatives of the deceased member.
(6) Notwithstanding subsection (2), the Board may sell any shares vested in the Board under subsection (1), in such manner and at such time as may be prescribed by any regulations made under section 77(1), if —
(a)
the Board is for any reason unable to transfer those shares in accordance with subsection (2);
(b)
the 7th anniversary of the day of the member’s death has passed; or
(c)
there exist such other circumstances as may be prescribed in those regulations.
(7) Where the Board has sold, under subsection (6), any shares vested in the Board under subsection (1) —
(a)
the Board may deduct a sum for the payment of the whole or any part of any fee or charge in connection with the sale of those shares from the proceeds of the sale of the shares;
(b)
the Board shall, as soon as practicable and after such application as the Board may require has been made to the Board, pay the proceeds of the sale of the shares (after making any deduction under paragraph (a)) —
(i)
to the personal representatives of the deceased member; or
(ii)
if to the best of the Board’s knowledge the deceased member does not have any personal representatives, and if the proceeds of the sale of the shares do not exceed such amount as the Minister may, by notification in the Gazette, specify, to a proper claimant; and
(c)
the following shall be a discharge to the Board in respect of the shares sold under subsection (6):
(i)
the receipt of the personal representatives of the deceased member for the proceeds of the sale of the shares, if paragraph (b)(i) applies; or
(ii)
the receipt of the proper claimant for the proceeds of the sale of the shares, if paragraph (b)(ii) applies.
(8) Subsection (7) shall not affect any recourse which any person may have against a proper claimant for any amount paid to the proper claimant under subsection (7)(b)(ii).
(9) Where the Board is for any reason unable to pay the proceeds of the sale of the shares (after making any deduction under subsection (7)(a)) in accordance with subsection (7)(b), the Board shall pay those proceeds into the general moneys of the Fund.
(10) For the avoidance of doubt, subsection (9) does not preclude the Board from paying the proceeds of the sale of the shares (after making any deduction under subsection (7)(a)) in accordance with subsection (7)(b) after those proceeds have been paid into the general moneys of the Fund.
(11) In this section —
“child” means a legitimate child and includes any child adopted by virtue of an order of court under any written law for the time being in force in Singapore, Malaysia or Brunei Darussalam;
“parent” includes an adoptive parent;
“proper claimant” means a person who —
(a)
claims to be entitled to the proceeds of the sale of the shares vested in the Board under subsection (1) as executor of the deceased member; or
(b)
claims to be entitled to the proceeds of the sale of the shares vested in the Board under subsection (1) (whether for his own benefit or not), and is the widower, widow, child, grandchild, parent, brother, sister, nephew, niece, grandparent, uncle or aunt of the deceased member.
26B.
—(1) When a member’s accounts in the Fund are deemed to be dormant, such shares or class of shares in any approved corporation as the Minister may designate belonging to the member at the time those accounts are deemed to be dormant which were purchased from moneys withdrawn under this Act shall, notwithstanding any written or other law, vest in the Board.
(2) The Board may sell any shares vested in the Board under subsection (1), in such manner and at such time as may be prescribed by any regulations made under section 77(1), if the 7th anniversary of the day the member’s accounts in the Fund are deemed to be dormant has passed.
(3) Where the Board has sold, under subsection (2), any shares vested in the Board under subsection (1) —
(a)
the Board may deduct a sum for the payment of the whole or any part of any fee or charge in connection with the sale of those shares from the proceeds of the sale of the shares; and
(b)
the Board shall pay the proceeds of the sale of the shares (after making any deduction under paragraph (a)) into the general moneys of the Fund.
(4) Where the Board has paid the proceeds of the sale of the shares into the general moneys of the Fund under subsection (3)(b), if the Board is satisfied that the member was still alive at the time the shares were sold under subsection (2), the Board shall, as soon as practicable and after such application as the Board may require has been made to the Board, transfer from the general moneys of the Fund to the member’s ordinary account those proceeds (including the whole or such part, as the Board may determine, of any interest that would have been payable thereon if those proceeds had been paid into the member’s ordinary account instead of the general moneys of the Fund).
(5) Where the Board has received any dividends, returned paid-up share capital or other moneys in respect of any shares vested in the Board under subsection (1), the Board shall pay the dividends, capital or other moneys into the general moneys of the Fund.
(6) Where the Board has paid into the general moneys of the Fund any dividends, returned paid-up share capital or other moneys under subsection (5), if the Board is satisfied that the member was still alive at the time of the payment, the Board shall, as soon as practicable and after such application as the Board may require has been made to the Board, transfer from the general moneys of the Fund to the member’s ordinary account the dividends, capital or other moneys (including the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the dividends, capital or other moneys had been paid into the member’s ordinary account instead of the general moneys of the Fund).
(7) The transfer of the proceeds of the sale of the shares in accordance with subsection (4), and the transfer of the dividends, returned paid-up share capital or other moneys in accordance with subsection (6), shall be a discharge to the Board in respect of the shares vested in the Board under subsection (1).
Payment of dividends, etc., in respect of certain shares before Board is notified of death of member
26C.
—(1) Where the Board has received, after the death of a member any dividends, returned paid-up share capital or other moneys in respect of any shares belonging to the member (being such shares or class of shares in any approved corporation as the Minister may designate), the Board shall, notwithstanding any written or other law, be entitled to pay the dividends, capital or other moneys into the ordinary account of the member until such time as the Board is notified, in such manner as may be prescribed by any regulations made under section 77(1), of the death of the member.
(2) Any such dividends, returned paid-up share capital or other moneys paid into the ordinary account of the member under subsection (1) shall be dealt with in accordance with sections 20(1)(b) and (1A) and 25.
(3) This section shall apply to all such dividends, returned paid-up share capital or other moneys whenever paid by the Board into the ordinary account of the member after his death.
26D.
—(1) Where the Board has received any dividends, returned paid-up share capital or other moneys in respect of any shares belonging to a deceased member (being such shares or class of shares in any approved corporation as the Minister may designate) after the Board has been notified, in such manner as may be prescribed by any regulations made under section 77(1) for the purposes of section 26C(1), of the death of the member, the Board shall, notwithstanding any written or other law, be entitled to pay the dividends, capital or other moneys into the general moneys of the Fund.
(2) Where any such dividends, returned paid-up share capital or other moneys have been paid into the general moneys of the Fund under subsection (1), the Board shall, as soon as practicable and after such application as the Board may require has been made to the Board, pay out the dividends, capital or other moneys from the general moneys of the Fund —
(a)
in any case where the member has executed a memorandum under section 25(1) and dies on or after 1st January 1996, in accordance with sections 20(1)(b) and (1A) and 25; or
(b)
in any other case —
(i)
to the personal representatives of the deceased member; or
(ii)
if to the best of the Board’s knowledge the deceased member does not have any personal representatives, and if the dividends, capital or other moneys do not exceed such amount as the Minister may, by notification in the Gazette, specify, to a proper claimant.
(3) The receipt of the personal representatives of the deceased member shall be a discharge to the Board for the dividends, returned paid-up share capital or other moneys that are paid to the personal representatives under subsection (2)( b)(i).
(4) The receipt of the proper claimant shall be a discharge to the Board for the dividends, returned paid-up share capital or other moneys that are paid to the proper claimant under subsection (2)(b)(ii).
(5) In this section —
“child” means a legitimate child and includes any child adopted by virtue of an order of court under any written law for the time being in force in Singapore, Malaysia or Brunei Darussalam;
“parent” includes an adoptive parent;
“proper claimant” means a person who —
(a)
claims to be entitled to the dividends, returned paid-up share capital or other moneys paid into the general moneys of the Fund under subsection (1) as executor of the deceased member; or
(b)
claims to be entitled to the dividends, returned paid-up share capital or other moneys paid into the general moneys of the Fund under subsection (1) (whether for his own benefit or not), and is the widower, widow, child, grandchild, parent, brother, sister, nephew, niece, grandparent, uncle or aunt of the deceased member.
27.
—(1) Subject to this section or any regulations made under this Act, a member who is an undischarged bankrupt shall not be entitled to make withdrawals from the amount standing to his credit in the Fund.
[15/90]
(2) The Board may, in its discretion but only after the Board is satisfied that all repayments of any loan given to the member by the Government under an approved loan scheme within the meaning of section 14A, together with all interest and other charges which the member is liable to pay to the Government under the terms and conditions of that loan, have been paid, allow a member who is an undischarged bankrupt to withdraw from the amount standing to his credit in the Fund if —
(a)
he satisfies any of the grounds for withdrawals specified in section 15(2)(a), (d), (e), (f) or (g); and
(b)
he satisfies such conditions as may be specified by the Minister from time to time.
(2A) Any moneys paid out of the Fund to that member shall be deemed not to form part of his after-acquired property and shall not be liable to be attached, sequestered or levied upon for or in respect of any debt or claim.
(3) Where withdrawals are made by a member who is an undischarged bankrupt under subsection (2), the Board may impose such condition (including condition as to the amounts that may be withdrawn by the undischarged bankrupt) as it may think fit.
(4) [Deleted by Act 31/2003 wef 01/01/2004]
(5) All applications for withdrawals under this section shall be in such form and shall be supported by such evidence as the Board may reasonably require.