Clause 8

the charge shall be subject to all prior statutory rights and charges of any public authority over the immovable property and to all encumbrances registered or notified prior to the date of the notification of the charge;

upon lodgement by the Board with the Registrar of an instrument (which shall be in such form as the Registrar may require) for the purpose of registering or notifying the charge and the acceptance of the instrument by the Registrar, the Board shall have —

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;

the charge shall extend to all the rights, benefits and interest of the member or his spouse or both, as the case may be, under his or their agreement for sale and purchase of the immovable property;

the Registrar shall not be concerned to enquire into the regularity or validity of the charge, and shall, 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 (Cap. 276), the Land Titles (Strata) Act (Cap. 277) or the Registration of Deeds Act (Cap. 281), as the case may be;

the charge shall on the application of the member or any other person having an interest in the property be cancelled if the Board is satisfied of the occurrence of any one of the following events:

the death of the member;

if the member is suffering from a terminal illness or disease;

if the member has complied with the requirements of section 12(6);

if the minimum sum set aside by the member under section 12(6) has been exhausted on account of withdrawals made by him under section 12(7); or

if the member satisfies any of the grounds for withdrawals under section 12(2)(b) or (c).”.