Clause 14

by deleting subsection (8) and substituting the following subsection:“(8) The amount payable by the Board under this section on the death or incapacity of a member of the Scheme is not more than the aggregate of —

the outstanding amount of any housing loan taken in respect of the immovable property for which the member of the Scheme is insured at the time of that member’s death or incapacity; and

the amount of interest accrued on the outstanding amount mentioned in paragraph (a) up to the date the outstanding amount is paid.”; and

by inserting, immediately after subsection (8A), the following subsection:“(8B) Any payment of interest made by the Board in respect of a Scheme member before the date of commencement of section 14 of the Central Provident Fund (Amendment) Act 2019 which, if made on or after that date, would be permitted under subsection (8) is taken to be and always to have been validly made; and no legal proceedings lie or may be instituted or maintained, in any court of law on account of or in respect of any such payment.”.