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 05/12/2012.
9.
—(1) A trustee may withdraw or cause the withdrawal of any moneys standing to the credit of a member in the member’s Child Development Account at any time before 1st January in the year in which the relevant anniversary of the member’s date of birth falls for —
(a)
the payment of any fee to —
(i)
an approved educational or developmental institution in connection with any educational or developmental courses provided to the member or his sibling by the approved educational or developmental institution;
[S 251/2012 wef 01/06/2012]
(ii)
an approved medical institution in connection with any medical services provided to the member or his sibling by the approved medical institution; or
[S 179/2007 wef 01/05/2007]
[S 251/2012 wef 01/06/2012]
(iii)
an approved healthcare-related institution in connection with any healthcare-related product or service specified in the Second Schedule provided to the member or his sibling by the approved healthcare-related institution, unless, in the opinion of the Director, the product or service is not used for the health or healthcare of the member or his sibling;
[S 251/2012 wef 01/06/2012]
(b)
the payment of any premium payable in respect of insurance cover under the MediShield Scheme for the member or his sibling;
(c)
the payment to an insurer of any premium payable in respect of any integrated medical insurance plan of the member or his sibling; and
(d)
the purpose of depositing the moneys in a fixed deposit or time deposit account —
(i)
opened by the trustee on behalf of the member with the managing agent with whom the Child Development Account was opened; and
(ii)
approved by the Director.
[S 324/2008 wef 01/08/2008]
[S 769/2005 wef 05/12/2005]
[S 226/2011 wef 01/05/2011]
(2) All withdrawals made from the Child Development Account by the trustee under paragraph (1)(a), (b) and (c) shall —
(a)
be made by inter-bank GIRO or NETS, unless the Director otherwise permits; and
(b)
if required by the Director, be supported by such evidence as the Director may specify.
[S 226/2011 wef 01/05/2011]
(2A) The Director shall not approve a fixed deposit or time deposit account under paragraph (1)(d)(ii) unless he is satisfied that the terms for the opening of the account provide that —
(a)
the account is to be maintained in Singapore dollars only;
(b)
no moneys standing to the credit of the account or interest paid on those moneys may be withdrawn before the expiry of the term of the account;
(c)
upon the expiry of the term of the account and unless the account is extended for another term, the managing agent must transfer the full amount deposited in the account together with any interest paid to the Child Development Account; and
[S 226/2011 wef 01/05/2011]
(d)
where the Child Development Account is to be closed, the managing agent must, before the Child Development Account is closed, close the account notwithstanding that the term of the account may not have expired by then, and transfer the full amount deposited in the account together with any interest paid to the Child Development Account.
[S 226/2011 wef 01/05/2011]
[S 324/2008 wef 01/08/2008]
(2B) A managing agent shall not, without the approval of the Director, vary any of the terms referred to in paragraph (2A)(a) to (d).
[S 324/2008 wef 01/08/2008]
(3) Where the trustee of a member’s Child Development Account wishes to withdraw the moneys standing to the credit of the member in the Account for a purpose other than that specified in paragraph (1) or for any other reason, he shall seek the approval of the Director for withdrawal of the moneys from the Account.
[S 226/2011 wef 01/05/2011]
(4) The Director may, before approving the withdrawal referred to in paragraph (3), require the trustee to provide such information or documents as he considers necessary to support the trustee’s request for the withdrawal.
(5) The Director may approve the withdrawal of the whole or such part of the moneys standing to the credit of a member’s Child Development Account for a purpose other than that specified in paragraph (1) or for any other reason if he is satisfied that —
(a)
the circumstances of the case warrants such withdrawal; and
(b)
the withdrawal can be made before 1st January in the year in which the relevant anniversary of the member’s date of birth falls.
[S 644/2007 wef 30/11/2007]
[S 226/2011 wef 01/05/2011]
(6) A withdrawal approved by the Director under paragraph (5) —
(a)
shall be effected by such means and in such manner as the Director may determine; and
(b)
shall not be made unless it is effected before 1st January in the year in which the relevant anniversary of the member’s date of birth falls.
[S 644/2007 wef 30/11/2007]
(7) Any trustee who, without the approval of the Director under paragraph (5), makes a withdrawal from the Child Development Account for any purpose other than that specified in paragraph (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000.
[S 226/2011 wef 01/05/2011]
(8) Paragraphs (5)(b) and (6)(b) shall not apply to any withdrawal referred to in regulation 10(2)(c)(ii), (3)(b)(ii)(B), (3A)(b)(iii)(B) or (3C)(b)(ii).
[S 644/2007 wef 01/01/2008]
(9) In this regulation, “relevant anniversary” means —
(a)
the seventh anniversary, in the case of a member who is born before 1st January 2006; or
(b)
the thirteenth anniversary, in the case of a member who is born on or after 1st January 2006.