Singapore legislation

Clause 13

of Central Provident Fund (Amendment) Bill

Clause 13

Amendment of section 21

Section 21 of the principal Act is amended —

(a)

by deleting the words “constituted under the Town Councils Act (Cap. 329A) in respect of upgrading works carried out under Part IVA of that Act” in subsection (1)(ca)(ii) and substituting the words “in respect of upgrading works carried out under Part IVA of the Town Councils Act (Cap. 329A)”;

(b)

by inserting, immediately after sub-paragraph (i) of subsection (1)(d), the following sub-paragraphs:“(ia)to change the manner of holding of an immovable property from a joint tenancy to a tenancy in common, or vice versa;

(ib)for the transfer of any part (but not the whole) of the member’s estate or interest in an immovable property to any other person;”;

(c)

by deleting the words “such purchase or acquisition” in subsection (1)(d)(ii) and substituting the words “any purchase or acquisition referred to in sub-paragraph (i)”;

(d)

by inserting, immediately after the words “the immovable property” in subsection (1), the words “, or the remainder thereof (if paragraph (d)(ib) applies),”;

(e)

by deleting the words “and to secure the payment of the minimum sum into the member’s retirement account” in subsection (1);

(f)

by deleting subsections (3) and (7);

(g)

by deleting subsection (10) and substituting the following subsections:“(10) A charge under subsection (1) on a member’s estate or interest in an immovable property shall continue in force until, and the member or any other person having an interest in the immovable property shall be entitled to have the charge cancelled in the event that, all moneys secured by the charge —

(a)

have been repaid to the Fund; or

(b)

are no longer required by any regulations made under section 77(1) to be repaid to the Fund.(10A) Without prejudice to subsection (10), where there is a charge under subsection (1) on a member’s estate or interest in an immovable property, and the Board is satisfied of the occurrence of any event prescribed in any regulations made under section 77(1) for the purposes of this subsection, the member or any other person having an interest in the immovable property may, with the approval of the Board, have the charge cancelled.”; and

(h)

by deleting the words “and (10)” in subsection (11) and substituting the words “, (10) and (10A)”.

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