Singapore legislation
Clause 6
Clause 6
New section 18C
The principal Act is amended by inserting, immediately after section 18B, the following section:“Transfer of member’s moneys in ordinary or special account to medisave account18C.—
Subject to subsection (2), a member who has less than the requisite amount standing to his credit in his medisave account may apply to the Board to transfer any sum standing to his credit in his ordinary or special account, or in both accounts, to his medisave account.(2) An application by a member to transfer any sum standing to his credit in his ordinary or special account, or in both accounts, under subsection (1) shall be irrevocable and any transfer shall be subject to such terms and conditions as the Board may determine.(3) In this section, “requisite amount” means the amount as directed by the Minister under section 13(6).”.