Singapore legislation
Clause 5
Clause 5
Amendment of section 13
Section 13 of the principal Act is amended by inserting, immediately after subsection (7G), the following subsections:“(7H) Where the Board has transferred any money standing to the credit of a member in the Fund from any account of the member in the Fund (referred to in this subsection as Account A) to any other account in the Fund (referred to in this subsection as Account B) under section 15(2A), (6), (7B) or (8A), 18(1)(a), (2)(a) or (3)(a), 18A(1), 18B(1) or 18C(1), any condition referred to in section 27(2)(b) or (3) or any regulations made under section 77(1), the Board may, on its own motion or on the application of the member, and subject to such terms and conditions as it may impose —
restore to Account A the whole or any part of the amount of the transferred money;
pay into Account A the whole or such part, as the Board may determine, of any interest that would have been payable on the restored amount if the restored amount had not been transferred to Account B; and
transfer, from Account B to the general moneys of the Fund, the whole or such part, as the Board may determine, of any interest paid on the restored amount while the restored amount was in Account B.(7I) Where the Board has credited any money to a member’s account in the Fund under section 13(4) or 13B(1)(b) or (2)(b), where any money has been paid into a member’s account in the Fund under section 18(1)(b) or (c), (2)(b) or (3)(b) or any regulations made under section 77(1), or where the Board has credited to a member’s account in the Fund any money paid in error and liable to be refunded or paid under section 74(1), the Board may, on the Board’s own motion or on an application to the Board, and subject to such terms and conditions as the Board may impose —
refund to the person who paid the money, or pay to any person whom the Board is satisfied is entitled to that payment, the whole or any part of the amount of the money; and
transfer, from the member’s account in the Fund to the general moneys of the Fund, the whole or such part, as the Board may determine, of any interest paid on the amount refunded or paid under paragraph (a) while that amount was in that account.”.