Singapore legislation
Clause 20
Clause 20
New section 27DA
The principal Act is amended by inserting, immediately after section 27D, the following section:“Order of court for transfer or sale of immovable property in relation to which charge has been created under section 15(11D) or (11E)27DA.—
Where —
a member of the Fund has withdrawn the amount referred to in section 15(6C)(b) or part thereof from his account with an approved bank or his retirement account, or has surrendered his approved annuity, under section 15(11), (11A), (11B) or (11C);
a charge has been constituted under section 15(11D) or (11E) on an immovable property wholly owned by the member or jointly owned by the member and one or more other persons, as the case may be, to secure the payment to the Board of the amount withdrawn by the member;
an order of court is made requiring the transfer (other than by way of sale) of the member’s estate or interest in the immovable property to his spouse; and
the spouse is a citizen or permanent resident of Singapore,then, subject to any regulations made under section 77(1), the following provisions shall apply:
if the order of court requires any person to pay to the Board any amount towards covering the deficiency in the member’s minimum sum, that person shall pay to the Board that amount;
the member shall pay to the Board a further amount sufficient to cover the deficiency in the member’s minimum sum, unless the amount paid under paragraph (i), if any, is sufficient to cover that deficiency;
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;
notwithstanding section 15(11F)(e), upon the transfer of the member’s estate or interest in the immovable property to the spouse, and upon payment in accordance with paragraph (i), if applicable —
the charge referred to in paragraph (b) shall cease to secure the payment to the Board of the amount withdrawn by the member; and
the member, the spouse or any other person having an interest in the immovable property shall be entitled to have any registration or notification of the charge in the appropriate register under the Land Titles Act (Cap. 157), the Land Titles (Strata) Act (Cap. 158) or the Registration of Deeds Act (Cap. 269), as the case may be, cancelled, in so far as it secures the payment to the Board of the amount withdrawn by the member;
upon the transfer of the member’s estate or interest in the immovable property to the spouse, there shall be a charge constituted on the immovable property to secure the payment referred to in paragraph (iii);
sections 15(11F)(b) to (e) and 21(12) shall apply, with the necessary modifications, to the charge under paragraph (v), 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); and
any reference to the member shall be read as a reference to the spouse; and
the charge under paragraph (v) —
shall be subject to all prior statutory rights and charges of any public authority over the immovable property; and
notwithstanding anything in the Land Titles Act or the Registration of Deeds Act —
(BA)shall not be subject to any encumbrance registered or notified on or after the date of the notification of the charge referred to in paragraph (b); and
(BB)shall rank equally with the charge referred to in paragraph (b), had it continued or if it continues to be in force, in the order of priority of interests in the immovable property.(2) Except in a case to which subsection (1) applies, where —
a member of the Fund has withdrawn the amount referred to in section 15(6C)(b) or part thereof from his account with an approved bank or his retirement account, or has surrendered his approved annuity, under section 15(11), (11A), (11B) or (11C);
a charge has been constituted under section 15(11D) or (11E) on an immovable property wholly owned by the member or jointly owned by the member and one or more other persons, as the case may be, to secure the payment to the Board of the amount withdrawn by the member; and
an order of court is made requiring the transfer or sale of the member’s estate or interest in the immovable property to any person,the charge shall continue in force until, and the member, the person referred to in paragraph (c) or any other person having an interest in the immovable property shall be entitled to have any registration or notification of the charge in the appropriate register under the Land Titles Act, the Land Titles (Strata) Act or the Registration of Deeds Act, as the case may be, cancelled in the event that —
the amount withdrawn by the member —
has been paid to the Board; or
is no longer required by any regulations made under section 77(1) to be paid to the Board; or
the Board is satisfied of the occurrence of any event prescribed in any regulations made under section 77(1) for the purposes of this paragraph.”.