(2)  Where a member who is insured under the Scheme in respect of any immovable property purchases another immovable property from a Housing Authority, the member shall, notwithstanding anything in this Act or in regulations made under this Part, cease to be covered under the Scheme in respect of the first-mentioned immovable property immediately upon the commencement of cover under the Scheme in respect of the second-mentioned immovable property.

(3)  Where a member’s cover under the Scheme in respect of any immovable property ceases by virtue of subsection (2), the Board shall refund to the member or pay to such other person as may be prescribed by regulations made under this Part, subject to such terms and conditions as the Board may impose and in such manner as may be prescribed by those regulations, an amount representing the surrender value of that cover or the unexpired portion of that cover, if any, calculated in accordance with those regulations as if the member had redeemed the housing loan on that property on the date of the cessation of that cover.

(4)  Where before 1st August 1998 a member is insured under the Scheme in respect of 2 immovable properties at the same time —