Clause 5

by deleting subsection (1) and substituting the following subsections:“(1) Subject to subsections (7A) to (7G), the following subsidiary accounts are to be maintained for each member in respect of the money standing to the member’s credit in the Fund:

an ordinary account;

a medisave account;

a special account.(1A) An account referred to in subsection (1) is an account —

maintained for the crediting, transfer and payment to the account of moneys or contributions in accordance with this Act or the MediShield Life Scheme Act 2015 (Act 4 of 2015); and

from which withdrawals, transfers and deductions may be made in accordance with this Act or the MediShield Life Scheme Act 2015.”;

by deleting the words “and retirement account” in subsection (5A)(a) and substituting the words “, retirement account and nominee account”;

by deleting subsection (7) and substituting the following subsection:“(7) Where there is no balance in the medisave account of a member, the Board may, on the member’s application and with the Minister’s approval, transfer to the member’s medisave account the whole or such part, as the Board may determine, of —

the amount standing to the member’s credit in any designated account, not exceeding the total amount which had been transferred from the medisave account to that designated account under subsection (6) (called in this subsection the transferred amount); and

any interest that would have been payable on the transferred amount if the transfer had not been made.”;

by deleting subsections (7C) and (7D) and substituting the following subsections:“(7C) Where the Board has made an initial transfer specified in subsection (7D) of any amount standing to a member’s credit in the Fund from any account of the member in the Fund (called in this subsection Account A), the Board may in such circumstances as may be prescribed in any regulations made under section 77(1) —

restore to Account A or transfer to such other account of the member in the Fund as may be prescribed in those regulations (called in this subsection Account B), the whole or such part, as the Board may determine, of the amount of the initial transfer; and

pay into Account A or Account B (as the case may be) the whole or such part, as the Board may determine, of any interest that would have been payable on the amount restored to Account A or transferred to Account B, if the initial transfer had not been made.(7D) The initial transfer referred to in subsection (7C) is —

a transfer to the member’s ordinary account under subsection (7A);

a transfer to the general moneys of the Fund under subsection (7B); or

a transfer to the general moneys of the Fund under any regulations made under section 77(1).”; and

by deleting the words “or 13B(1)(b) or (2)(b)” in subsection (7I) and substituting the words “, 13B(1)(b) or (2)(b) or 13C”.