Singapore legislation

Clause 6

of Central Provident Fund (Amendment) Bill

Clause 6

New section 15A

The principal Act is amended by inserting, immediately after section 15, the following section:“Restrictions on withdrawals to ensure repayment of approved loan15A. Notwithstanding anything in section 15, a member of the Fund shall not be entitled to withdraw from the Fund any sum standing to his credit under section 15(2)(b), (c), (d) or (e) unless the Board is satisfied that all moneys lent to the member pursuant to any approved loan scheme within the meaning of section 14A and which have been paid into the Fund under section 14A(2) for the benefit of the member, together with any interest and other charges which the member is liable to pay to the Government under the terms and conditions of the loan, have been repaid to the Government.”.