Singapore legislation
Clause 38
Clause 38
New section 57DA
The principal Act is amended by inserting, immediately after section 57D, the following section:“Withdrawal from Fund where relevant contribution credited into account of eligible member in certain circumstances57DA.—
Despite sections 14(2), 15(2), (2A), (6), (6C), (7), (7B) and (8A) and 27, where the Board has credited a relevant contribution into an eligible member’s account in the Fund (called in this section the contribution amount), the Board may, on the member’s application, permit the member to withdraw an amount determined by the Board —
from one or more accounts in the Fund as the Board may determine;
in circumstances prescribed by regulations made under section 57F; and
if the member satisfies such requirements as the Board may specify.(2) An application under subsection (1) must be made within such time as may be prescribed by regulations made under section 57F.(3) The amount that the Board may permit a member to withdraw under subsection (1) must not exceed the contribution amount.”.