Singapore legislation

Clause 11

of Central Provident Fund (Amendment) Bill

Clause 11

New sections 13A, 13B and 13C

The principal Act is amended by inserting, immediately after section 13, the following sections: —“Moneys payable on the death of a member13A.—

(1)

Any member of the Fund may by a memorandum executed in the prescribed manner nominate a person or persons to receive in his or their own right such portions of the amount payable on his death out of the Fund under subsection (1) of section 12 of this Act as the memorandum shall indicate.(2) If, at the time of the death of a member of the Fund, there is no person nominated under subsection (1) of this section, the total amount payable out of the Fund shall be paid to the Public Trustee for disposal in accordance with any written law for the time being in force, and if any person nominated, other than a widow, is under the age of eighteen years at the time of payment of the amount payable out of the Fund, his portion of the amount payable shall similarly be paid to the Public Trustee for the benefit of such nominated person.(3) The receipt of a person or persons nominated under subsection (1) of this section or of the Public Trustee shall be a discharge to the Board for such portions of the moneys payable out of the Fund on the death of a member as are payable to such person or persons or the Public Trustee under subsection (2) of this section.Withdrawals by undischarged bankrupts13B.—

(1)

Save as provided in this section or in any regulations made under section 29 of this Act, a member who is an undischarged bankrupt shall not be entitled to make withdrawals from the amount standing to his credit in the Fund.(2) The Board may in its discretion allow a member who is an undischarged bankrupt to withdraw from the amount standing to his credit in the Fund if he satisfies any of the grounds for withdrawals specified in paragraph (a), (d) or (e) of subsection (2) of section 11 of this Act. Any moneys paid out of the Fund to that member shall be deemed not to form part of his afteracquired property and shall not be liable to be attached, sequestrated or levied upon for or in respect of any debt or claim whatsoever.(3) Where withdrawals are made by a member who is an undischarged bankrupt under subsection (2) of this section, the Board may impose such conditions (including conditions as to the amounts that may be withdrawn by the undischarged bankrupt) as it may think fit.(4) The Board shall not authorise the withdrawal of the total amount standing to the credit of a member who is an undischarged bankrupt under the provisions of subsection (2) of this section without the approval of the Minister.(5) All applications for withdrawals under this section shall be in such form and shall be supported by such evidence as the Board may reasonably require.Nomination to be revoked by marriage13C.—

(1)

Subject to subsection (2) of this section any nomination made by a member of the Fund under subsection (1) of section 13A of this Act or under any previous corresponding provision shall be revoked by his marriage, whether the marriage was contracted before or after the commencement of the Central Provident Fund (Amendment) Act, 1980.(2) Subsection (1) of this section shall not apply to any nomination made by a member who has died at any time prior to the commencement of the Central Provident Fund (Amendment) Act, 1980.”.