Singapore legislation
Section 21A
Section 21A
Registration of charge on immovable property to secure repayment of withdrawals from Fund before 1 June 1981
(1)
Where in accordance with any regulations made under section 77(1), a member of the Fund has before 1 June 1981 withdrawn any money standing to the member’s credit in the Fund —
to make payment, either full or partial, towards the purchase or acquisition of an immovable property;
to repay or to make periodic payments towards the repayment of any loan taken by the member to finance or re‑finance the purchase or acquisition of an immovable property; or
to pay any costs, fees or other expenses incurred —
for the purchase or acquisition of an immovable property;
for obtaining a loan to finance or re-finance such purchase or acquisition; and
in connection with withdrawals of any money from the Fund,the Board may register or notify, in the appropriate register maintained by the Registrar under the Land Titles Act 1993, the Land Titles (Strata) Act 1967 or the Registration of Deeds Act 1988, a charge on the member’s estate or interest in the immovable property to secure the repayment of the money withdrawn from the Fund including the whole or such part, as the Board may determine, of the interest that would have been payable thereon if the withdrawal had not been made.
(1A)
Where the immovable property is purchased, acquired or owned by the member as a co‑purchaser, joint tenant or tenant‑in‑common (as the case may be) with one or more persons, the charge, with the prior written consent of all the co‑purchasers or co‑owners, extends to all their respective estates or interests in the immovable property.
(2)
A charge under subsection (1) extends to all the rights, benefits and interests of the member or the co‑purchasers or co‑owners (as the case may be) under his or her or their agreement for sale and purchase of the immovable property.
(3)
Upon lodgment by the Board with the Registrar of an instrument (which must be in such form as the Registrar may require) for the purpose of registering or notifying any charge under subsection (1) and the acceptance of the instrument by the Registrar, the Board has —
the power of sale and all other powers relating or incidental thereto as if the Board is a registered mortgagee; and
the power to sell, assign and dispose of all rights, benefits and interests under the agreement for the sale and purchase of the immovable property.
(4)
The Registrar need not be concerned to enquire into the regularity or validity of a charge under subsection (1) and must, on acceptance of the instrument to register or notify the charge, register or notify the charge in the appropriate register maintained by the Registrar under the Land Titles Act 1993, the Land Titles (Strata) Act 1967 or the Registration of Deeds Act 1988, as the case may be.
(5)
A charge under subsection (1) is subject to all statutory rights and charges of any public authority over the immovable property and, in the absence of any agreement giving priority to the Board, to all encumbrances registered or notified prior to the date of acceptance by the Registrar of the instrument to register or notify the charge.
(6)
[Deleted by Act 23 of 2012]
(7)
Despite section 80 of the Land Titles Act 1993 and section 15 of the Registration of Deeds Act 1988 —
where further withdrawals from the Fund are authorised by the Board after the registration or notification of any mortgage or charge created in favour of the Board at any time after the acceptance by the Registrar of the instrument lodged under subsection (3) for the purpose of registering or notifying a charge under subsection (1), all such withdrawals rank in priority to any other claims as if the withdrawals were made at the date of the creation of the mortgage or charge in favour of the Board; and
where any further advances have been made by a prior mortgagee or chargee after the Board has given written notice of the charge under subsection (1) to the prior mortgagee or chargee or after the acceptance by the Registrar of the instrument to register or notify the charge under subsection (3), such further advances do not rank in priority to the Board’s charge under subsection (1).
(8)
Despite subsections (1) and (7), advances, interest and other moneys secured by a mortgage or charge on an immovable property may, with the agreement of the Board and subject to such conditions as the Board may impose, rank in priority or in pari passu to the Board’s charge under subsection (1) or any mortgage or charge created in favour of the Board.
(9)
A charge under subsection (1) on a member’s estate or interest in an immovable property continues in force until, and the member or any other person having an interest in the immovable property is entitled to have the charge cancelled in the event that, all moneys secured by the charge —
have been repaid to the Fund; or
are no longer required by any regulations made under section 77(1) to be repaid to the Fund.
(9A)
Without prejudice to subsection (9), where there is a charge under subsection (1) on a member’s estate or interest in an immovable property, and the Board is satisfied of the occurrence of any event prescribed in any regulations made under section 77(1) for the purposes of this subsection, the member or any other person having an interest in the immovable property may, with the approval of the Board, have the charge cancelled.
(10)
Where costs, fees or other incidental expenses are incurred for the registration or notification of a charge under subsection (1) or section 21(4) or the discharge thereof, the Board may, subject to such terms and conditions as it may impose, authorise the whole or part of the amount standing to the member’s credit in the Fund to be withdrawn and used to pay such costs, fees and other incidental expenses.
(11)
This section does not apply to any immovable property or class of immovable properties which the Minister may, by notification in the Gazette, specify.