Clause 8

by deleting subsection (1) and substituting the following subsections:“(1) Subject to subsection (1A) and section 25(3), upon an application for the withdrawal of a sum of money standing to the credit of a member of the Fund by a person entitled thereto under section 15 —

where the applicant is the member, the Board may pay him such sum as he is entitled to withdraw from the Fund (including any interest calculated in accordance with section 6(4) and (4B) up to the date the Board authorised the payment); or

where the member has died and the applicant is a person nominated by the member by a memorandum executed in accordance with section 25(1) —

if the memorandum provides for payment in accordance with section 25(1)(a)(i) (whether or not the person is a citizen or permanent resident of Singapore), or if the memorandum provides for payment in accordance with section 25(1)(a)(ii) but the person is not a citizen or permanent resident of Singapore, the Board may pay the person such portion of the sum as he is nominated to receive; or

if the memorandum provides for payment in accordance with section 25(1)(a)(ii), and the person is a citizen or permanent resident of Singapore, the Board may —

subject to sub-paragraph (B), transfer to the person’s accounts in the Fund, in such manner as the member has specified in the memorandum, such portion of the sum as the person is nominated to receive; or

if that portion exceeds such maximum amount as the Minister may determine for the purposes of section 25(1)(a)(ii)(B), transfer that maximum amount to the person’s accounts in the Fund in such manner as the member has specified in the memorandum, and pay the person the excess.(1A) Subject to section 25(3) and such conditions as the Minister may impose, where the Board has been notified, in such manner as may be prescribed in any regulations made under section 77(1), of the death of a member of the Fund who has executed a memorandum in accordance with section 25(1), the Board may, without any application for the withdrawal of a sum of money standing to the credit of that member by a person nominated by that member by the memorandum —

if the memorandum provides for payment in accordance with section 25(1)(a)(i), and the person is a citizen or permanent resident of Singapore, pay the person such portion of the sum as he is nominated to receive; or

if the memorandum provides for payment in accordance with section 25(1)(a)(ii), and the person is a citizen or permanent resident of Singapore —

subject to sub-paragraph (ii), transfer to the person’s accounts in the Fund, in such manner as the member has specified in the memorandum, such portion of the sum as the person is nominated to receive; or

if that portion exceeds such maximum amount as the Minister may determine for the purposes of section 25(1)(a)(ii)(B), transfer that maximum amount to the person’s accounts in the Fund in such manner as the member has specified in the memorandum, and pay the person the excess.”;

by deleting the words “paid to the applicant accordingly” in subsection (2) and substituting the words “dealt with in accordance with subsection (1) or (1A), as the case may be”; and

by inserting, immediately after the word “prescribed” in subsection (3), the words “by the Board”.