Clause 25

by inserting, immediately after the definition of “contract” in subsection (1), the following definitions:“ “designated shareholder” means a person who has withdrawn all or part of the amount standing to his or her credit in the Fund to purchase designated shares;“designated shares” means such shares or class of shares in any approved corporation as the Minister may designate which are purchased with moneys withdrawn under this Act;“designated shares payment” means —

the proceeds of the sale of vested shares;

dividends, returned paid‑up share capital or other moneys in respect of the vested shares; or

the proceeds of the sale of designated shares that are paid into the Fund under this Act after the Board is notified that the designated shareholder in respect of those shares has died;”;

by inserting, immediately after the definition of “Town Council” in subsection (1), the following definition:“ “vested shares” means designated shares that are vested in the Board under section 26(1), or section 26, 26A or 26B as in force immediately before the date of commencement of section 29 of the Central Provident Fund (Amendment) Act 2021;”; and

by deleting the words “sections 6(4C) and (4D), 13(7A), (7B) and (7C)” in subsection (7) and substituting the words “sections 6, 13”.