On 23/05/2013,
you requested for the version in force on 23/05/2013
incorporating all amendments published on or before 23/05/2013.
The closest version currently available is that of 30/11/2006.
5.
—(1) Where a member has made any withdrawal under these Regulations for himself, his child or relative to pursue a course of study at an approved tertiary institution, the member, his child or relative, as the case may be, shall refund to the account of the member in the Fund the amount so withdrawn including any interest that would have accrued thereto if the withdrawal had not been made.
[S 512/2008 wef 01/11/2008]
(2) Where a member, his child or relative is required to refund to the Board to the account of the member in the Fund under paragraph (1), the refund shall —
(a)
unless the Board otherwise allows, commence one year after the member, his child or relative, as the case may be, has completed his course of study or where the member, his child or relative does not complete the course of study, one year from the date the member, child or relative leaves the approved tertiary institution ; and
[S 512/2008 wef 01/11/2008]
(b)
be made in one lump sum or by monthly instalments in such manner as the Board may determine over a period not exceeding 12 years.
(3) A member, his child or relative shall not be required to refund to the Board any money withdrawn under these Regulations on the occurrence of any of the following events:
(a)
on the death of the member;
(b)
on the death or incapacity of the member’s child or relative in respect of whom such withdrawals were made;
(c)
if —
(i)
the member has applied, in such form as the Board may require, for the repayment to be waived under this sub-paragraph;
(ii)
the Board is satisfied that the member is entitled to withdraw the sum standing to his credit in the Fund under section 15 (2), (3) or (4) or 27(2) of the Act and has complied with the requirements for such withdrawal; and
(iii)
the Board approves the member’s application referred to in sub-paragraph (i); or
(d)
where the money was withdrawn under these Regulations by the member for a course of study pursued by him, if the Board is satisfied that the member has withdrawn the sum standing to his credit in the Fund under section 15 (2), (3) or (4) or 27(2) of the Act and has complied with the requirements for such withdrawal.
(4) In granting its approval under paragraph (3)(c)(iii), the Board may impose such terms and conditions as it thinks fit.