Clause 4

by deleting the words “subsection (5)” in subsection (1) and substituting the words “subsections (7A) to (7G)”; and

by inserting, immediately after subsection (7), the following subsections:“(7A) The Board may transfer to a member’s ordinary account, in accordance with any regulations made under section 77(1), any amount standing to his credit in the Fund, if —

the member’s accounts in the Fund are deemed to be dormant, and such period (as may be prescribed in those regulations) after the day the member’s accounts in the Fund are deemed to be dormant has passed; or

the member has died, and such period (as may be prescribed in those regulations) after the day of his death has passed.(7B) The Board may transfer to the general moneys of the Fund, in accordance with any regulations made under section 77(1), any amount standing to a member’s credit in the Fund, if —

the member’s accounts in the Fund are deemed to be dormant, and the 7th anniversary of the day the member’s accounts in the Fund are deemed to be dormant has passed; or

the member has died, and the 7th anniversary of the day of his death has passed.(7C) Where the Board has transferred any amount standing to a member’s credit in the Fund to his ordinary account under subsection (7A)(a) or to the general moneys of the Fund under subsection (7B)(a) or any regulations made under section 77(1) —

the Board shall restore the transferred amount (including the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the transfer had not been made) to the member’s account in the Fund from which that amount had been transferred, if the Board is satisfied that the member was still alive at the time of the transfer;

if the Board is served with an order of court referred to in section 27B awarding any amount to be paid out from the money standing to the credit of the member in the Fund (including any money which is payable or repayable to the Fund to the credit of the member) —

where the amount awarded under the order of court exceeds the amount standing to the member’s credit in the Fund (including the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the transfer had not been made), the Board shall restore the latter amount (including interest) to the member’s account in the Fund from which that amount had been transferred; or

where the amount awarded under the order of court does not exceed the amount standing to the member’s credit in the Fund (including the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the transfer had not been made), the Board shall restore the former amount to the member’s account in the Fund from which that amount had been transferred; and

the Board may restore the whole or any part of the transferred amount (including the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the transfer had not been made) to the member’s account in the Fund from which that amount had been transferred in such other circumstances as may be prescribed in any regulations made under section 77(1).(7D) Where the Board has transferred any amount standing to a member’s credit in the Fund to his ordinary account under subsection (7A)(b) or to the general moneys of the Fund under subsection (7B)(b) or any regulations made under section 77(1), the Board may restore the whole or any part of that amount (including the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the transfer had not been made) to the member’s account in the Fund from which that amount had been transferred in such circumstances as may be prescribed in any regulations made under section 77(1).(7E) Where the Board is unable to ascertain a member’s identity, the Board may transfer to the general moneys of the Fund, in accordance with any regulations made under section 77(1), any amount standing to his credit in the Fund.(7F) Where, after the Board has transferred any amount standing to a member’s credit in the Fund to the general moneys of the Fund under subsection (7E) or any regulations made under section 77(1), the Board ascertains the identity of the member, the Board shall restore that amount (including the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the transfer had not been made) to the member’s account in the Fund.(7G) Subsections (7A) to (7F) do not preclude, and do not affect the validity of, any transfer to the general moneys of the Fund, whether before, on or after the date of commencement of section 4(b) of the Central Provident Fund (Amendment) Act 2010, under any regulations made under section 77(1), of any amount standing to a member’s credit in the Fund.”.