Singapore legislation

Clause 4

of Central Provident Fund (Amendment) Bill

Clause 4

Amendment of section 13

Section 13 of the principal Act is amended by deleting subsections (7A) and (7B) and substituting the following subsections:“(7A) The Board may transfer to a member’s ordinary account, in accordance with any regulations made under section 77(1) —

(a)

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 his accounts in the Fund are deemed to be dormant has passed, any amount standing to his credit in the Fund; or

(b)

if the member has died, and such period (as may be prescribed in those regulations) after the day of his death has passed, any amount standing to his credit in the Fund that is not in any nominee account maintained for him.(7B) The Board may transfer to the general moneys of the Fund, in accordance with any regulations made under section 77(1) —

(a)

if a member’s accounts in the Fund are deemed to be dormant, and the 7th anniversary of the day his accounts in the Fund are deemed to be dormant has passed, any amount standing to his credit in the Fund; or

(b)

if a member has died, and the 7th anniversary of the day of his death has passed, any amount standing to his credit in the Fund that is not in any nominee account maintained for him.”.

Read in full context — Central Provident Fund (Amendment) Bill →