Singapore legislation

Clause 4

of Central Provident Fund (Amendment) Bill

Clause 4

New section 18B

The principal Act is amended by inserting, immediately after section 18A, the following section:“Transfer of member's moneys in ordinary account to special account18B.—

(1)

Subject to subsection (2), a member who has less than the prescribed amount standing to his credit in his special account may on or after 1st July 1998 apply to the Board to transfer a sum standing to his credit in his ordinary account, not exceeding the difference between the prescribed amount and the sum standing to his credit in his special account, to his special account.(2) An application by a member to transfer the sum standing to his credit in his ordinary account to his special account under subsection (1) shall be irrevocable and the transfer shall be subject to such terms and conditions as the Board may determine.(3) In this section, “prescribed amount” means —

(a)

$40,000, where no other sum is specified under paragraph (b); or

(b)

where a sum is specified under this paragraph by the Minister for the purposes of this section by notification in the Gazette, such sum as may for the time being be so specified.”.

Read in full context — Central Provident Fund (Amendment) Bill →