Clause 27

by deleting the words “subsections (7A) to (7G)” in subsection (1) and substituting the words “subsections (7A), (7C), (7D) and (7G)”;

by deleting subsections (7A) and (7B) and substituting the following subsection: “(7A) The Board may transfer any moneys standing in a member’s account in the Fund (other than a nominee account, if any) to the general moneys of the Fund in accordance with regulations made under section 77(1) if before, on or after the effective date —

the Board is notified that the member has died;

the member’s accounts in the Fund are deemed to be dormant under section 2(1B); or

the Board is unable to ascertain the member’s identity.”;

by deleting subsection (7D) and substituting the following subsection:“(7D) The initial transfer referred to in subsection (7C) is a transfer to the general moneys of the Fund under subsection (7B) as in force before the effective date, subsection (7A) or regulations made under section 77(1).”;

by deleting subsections (7E) and (7F);

by inserting, immediately after the words “Subsections (7A) to (7F)” in subsection (7G), the words “as in force immediately before the effective date and subsections (7A), (7C) and (7D) as in force on or after that date”; and

by inserting, immediately after subsection (8), the following subsection:“(9) In this section, “effective date” means the date of commencement of section 27 of the Central Provident Fund (Amendment) Act 2021.”.