—(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as the Minister may designate belonging to the member at the time of his death which were purchased from moneys withdrawn under this Act shall, notwithstanding any written or other law, vest in the Board and shall not form part of the estate of the deceased member.
(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.
(3) Where the Board is for any reason not able to transfer any shares to a person who is entitled to receive them under subsection (2), the Board shall sell those shares in such manner and at such time as may be prescribed.
(4) Where the Board has sold any shares under subsection (3), the Board shall as soon as practicable pay the proceeds of sale of the shares to the person referred to in that subsection, and the receipt by such person of those proceeds shall be a discharge to the Board in respect of the shares.
(5) In this section —
“approved corporation” means any corporation approved by the Minister;
“corporation” means —
any company which is incorporated in Singapore and wholly or partly owned by the Government and includes any subsidiary of such a company which is incorporated in Singapore; and
any subsidiary of a statutory board which is incorporated in Singapore;
“shares” includes warrants, transferable subscription rights, options to subscribe for shares, convertibles and other security interests arising from or accruing or attaching to the shares.
(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).
(7) This section shall not apply to any member of the Fund who died before 1st January 1996.