Singapore legislation

Clause 4

of Child Development Co-Savings (Amendment) Bill

Clause 4

Amendment of section 4

Section 4(1) of the principal Act is amended —

(a)

by inserting, immediately after paragraph (d), the following paragraph: “(da)where the circumstances in paragraph (e), (f) or (g) exist in relation to the trustee and the member has a legal guardian, be substituted with that legal guardian instead of the substitute trustee mentioned in any of those paragraphs;”;

(b)

by deleting the words “and the member has no other legal guardian” in paragraph (e); (c)by deleting the words “and the member has no other legal guardian,” in paragraph (f);

(d)

by deleting the word “and” at the end of paragraph (f)(iii); and

(e)

by deleting paragraph (g) and substituting the following paragraphs: “(g)where the trustee is unable or unwilling to act as trustee for any other reason —

(i)

be substituted with the person nominated by the trustee and approved by the Minister to act in the place of the existing trustee; or

(ii)

if no person was nominated to act in place of the existing trustee, be substituted with a person appointed by a Director until sub‑paragraph (i) applies;

(h)

where the trustee is a parent of the member and both parents of the member agree to his or her substitution as trustee, be substituted with a person whom both parents have nominated to act in place of the existing trustee;

(i)

where the trustee is not a parent of the member, and both parents of the member and the trustee agree to the substitution of that trustee, be substituted with a person whom both parents have nominated to act in place of the existing trustee; and

(j)

where the trustee is a parent (A) of the member, and the other parent of the member (B) is of the opinion that circumstances exist such that A is unable to act as trustee and A’s agreement for A’s substitution as trustee cannot practically be obtained, be substituted with B or a trustee nominated by B to act in place of A if a Director is satisfied that those circumstances exist.”.

Clause 4 — Child Development Co-Savings (Amendment) Bill