Clause 23

by deleting paragraph (b) and substituting the following paragraph:“(b)retain such part of the moneys of the dissolved Fund as it thinks necessary for meeting —

any of its own liabilities under the Scheme that may have arisen prior to the transfer; and

any costs and expenses incurred by it in maintaining the Scheme.”;

by renumbering the section as subsection (1) of that section, and by inserting immediately thereafter the following subsection:“(2) Every amount paid by the Board out of the dissolved Fund before the dissolution of that Fund, or out of the moneys of the dissolved Fund upon or after the dissolution of that Fund but before the date of commencement of section 23 of the Central Provident Fund (Amendment) Act 2011, to defray the costs and expenses incurred by the Board in establishing and maintaining the Scheme shall be deemed to be and always to have been validly paid, and no legal proceedings shall lie or be instituted or maintained in any court of law on account of or in respect of any such payment.”; and

by inserting, immediately after the word “Fund” in the section heading, the word “, etc.”.