Singapore legislation
Clause 29
Clause 29
Amendment of section 30
Section 30 of the principal Act is amended by deleting subsections (3) and (4) and substituting the following subsections:“(3) Where a member’s cover under the Scheme in respect of any immovable property ceases by virtue of subsection (2), the Board shall refund to the member or pay to such other person as may be prescribed by regulations made under this Part, subject to such terms and conditions as the Board may impose and in such manner as may be prescribed by those regulations, an amount representing the surrender value of that cover or the unexpired portion of that cover, if any, calculated in accordance with those regulations as if the member had redeemed the housing loan on that property on the date of the cessation of that cover.(4) Where before 1st August 1998 a member is insured under the Scheme in respect of 2 immovable properties at the same time —
the member’s cover under the Scheme in respect of the immovable property purchased by the member earlier (referred to in this subsection as the earlier property) shall cease on that date; and
the Board shall refund to the member or pay to such other person as may be prescribed by regulations made under this Part, subject to such terms and conditions as the Board may impose and in such manner as may be prescribed by those regulations, an amount representing the surrender value of that cover, if any, calculated in accordance with those regulations as if the member had redeemed the housing loan on the earlier property on that date.”.