On 19/05/2013,
you requested for the version in force on 19/05/2013
incorporating all amendments published on or before 19/05/2013.
The closest version currently available is that of 27/12/2011.
13. Section 26 of the principal Act is amended —
(a)
by inserting, immediately after “(4B)” in subsection (4)(b), “, (4BA)”;
(b)
by deleting sub-paragraph (iii) of subsection (4A)(a) and substituting the following sub-paragraph:
“(iii)
where the nominated person has died —
(A)
to the personal representatives of the deceased nominated person; or
(B)
if to the best of the Board’s knowledge the deceased nominated person 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)
by deleting the word “or” at the end of subsection (4A)(b)(ii);
(d)
by deleting sub-paragraph (iii) of subsection (4A)(b) and substituting the following sub-paragraphs:
“(iii)
the receipt of the personal representatives of the deceased nominated person for the proceeds of the sale of the shares, if paragraph (a)(iii)(A) applies; or
(iv)
the receipt of the proper claimant for the proceeds of the sale of the shares, if paragraph (a)(iii)(B) applies.”;
(e)
by deleting sub-paragraph (C) of subsection (4B)(a)(ii) and substituting the following sub-paragraph:
“(C)
where the nominated person has died —
(CA)
to the personal representatives of the deceased nominated person; or
(CB)
if to the best of the Board’s knowledge the deceased nominated person does not have any personal representatives, and if the excess does not exceed such amount as the Minister may, by notification in the Gazette, specify, to a proper claimant; and”;
(f)
by deleting the word “or” at the end of subsection (4B)(b)(ii);
(g)
by deleting sub-paragraph (iii) of subsection (4B)(b) and substituting the following sub-paragraphs:
“(iii)
the payment of the amount referred to in paragraph (a)(ii) to the nominated person’s account and the receipt of the personal representatives of the deceased nominated person for the balance of the proceeds of the sale of the shares referred to in paragraph (a)(ii), if paragraph (a)(ii)(C)(CA) applies; or
(iv)
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)(CB) applies.”;
(h)
by inserting, immediately after subsection (4B), the following subsection:
“(4BA) Where the memorandum executed by the deceased member under section 25(1) provides for payment in accordance with section 25(1)(a)(iii) (whether or not the deceased member is a citizen or permanent resident of Singapore at the time of his death, whether or not the person nominated to receive the shares is a citizen or permanent resident of Singapore, and whether or not the certification under section 25(1C) issued in respect of the person remains in force) —
(a)
the Board shall, as soon as practicable, pay to the member’s nominee ordinary account the proceeds of the sale of the shares (after making any deduction under subsection (4)(a));
(b)
the Board shall pay the amount of those proceeds from the member’s nominee ordinary account —
(i)
subject to sub-paragraphs (ii) and (iii), to the nominated person in accordance with the sub-paragraph of section 20(1)(b)(iii) or (1A)(c) that applies to the nominated person;
(ii)
to the Public Trustee, if —
(A)
the nominated person (not being a widow of the deceased member) is below the age of 18 years at the time of the payment; and
(B)
such portion of the amount payable on the member’s death out of the Fund to the nominated person as the memorandum shall indicate does not exceed such amount as the Minister may determine under section 25(1)(a)(iii)(C); or
(iii)
where the nominated person has died —
(A)
to the personal representatives of the deceased nominated person; or
(B)
if to the best of the Board’s knowledge the deceased nominated person 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 (3):
(i)
the receipt of the nominated person for the amount of those proceeds, if paragraph (b)(i) applies;
(ii)
the receipt of the Public Trustee for the amount of those proceeds, if paragraph (b)(ii) applies;
(iii)
the receipt of the personal representatives of the deceased nominated person for the proceeds of the sale of the shares, if paragraph (b)(iii)(A) applies; or
(iv)
the receipt of the proper claimant for the proceeds of the sale of the shares, if paragraph (b)(iii)(B) applies.”;
(i)
by deleting the words “and (4B)” in subsection (4C) and substituting the words “, (4B) and (4BA)”; and
(j)
by deleting the words “(4A)(a)(iii) and (4B)(a)(ii)(C)” in subsection (4C) and substituting the words “(4A)(a)(iii)(B), (4B)(a)(ii)(C)(CB) and (4BA)(b)(iii)(B)”.