Clause 19

by deleting the words “minimum sum” in subsections (1)(a) and (2)(a) and substituting in each case the words “amount referred to in section 15(6C)(b)”;

by inserting, immediately after the words “minimum sum” in subsection (1)(ii), the words “, unless the amount paid under paragraph (i), if any, is sufficient to cover that deficiency”;

by deleting paragraph (iii) of subsection (1) and substituting the following paragraph:“(iii)if the immovable property is subsequently sold or otherwise disposed of, the spouse shall pay to the Fund such amount as may be determined by the Board in accordance with any regulations made under section 77(1), and the Board shall credit that amount to one or more designated accounts maintained, or to be maintained, for the spouse;”;

by deleting paragraphs (v), (vi) and (vii) of subsection (1) and substituting the following paragraphs:“(v)upon the transfer of the member’s estate or interest in the immovable property to the spouse —

in any case where the transfer occurs before 1st January 2013, the spouse shall give an undertaking to pay to the Board, in the event the immovable property is sold or otherwise disposed of, the amount referred to in paragraph (iii); or

in any case where the transfer occurs on or after 1st January 2013, there shall be a charge constituted on the immovable property to secure the payment referred to in paragraph (iii);

the Board shall not enforce any undertaking under paragraph (v)(A) if there exist such circumstances as may be prescribed in any regulations made under section 77(1) for the purposes of this paragraph; and

sections 15(11F)(a) to (e) and 21(12) shall apply, with the necessary modifications, to the charge under paragraph (v)(B), and for the purposes of such application —

any reference to the charge under section 15(11D) or (11E) shall be read as a reference to the charge under paragraph (v)(B); and

any reference to the member shall be read as a reference to the spouse.”;

by deleting the words “of the events mentioned in section 15(15)(e)” in subsection (2)(ii) and substituting the words “event prescribed in any regulations made under section 77(1) for the purposes of this paragraph”; and

by deleting subsection (3).