Singapore legislation

Clause 14

of Central Provident Fund (Amendment) Bill

Clause 14

New section 26B

In the principal Act, after section 26A, insert —“Withdrawal from investment schemes26B.—

(1)

This section applies where —

(a)

a member has —

(i)

a CPF Investment Account; or

(ii)

any securities purchased or acquired under an investment scheme introduced under Part II or III of the Investment Regulations; and

(b)

the Board is satisfied that the member is not an applicable person.(2) The Board may, on its own motion, declare that —

(a)

the member is authorised to withdraw all moneys standing to the member’s credit in the member’s CPF Investment Account, if any; and (b)all of the member’s securities mentioned in subsection (1)(a)(ii) (if any) are withdrawn from those investment schemes.(3) The member is not obliged to repay to the Fund —

(a)

any moneys withdrawn from the member’s CPF Investment Account pursuant to the Board’s declaration under subsection (2); or

(b)

any proceeds or benefits of any securities withdrawn pursuant to the Board’s declaration under subsection (2).(4) In this section —“CPF Investment Account” has the meaning given by the Investment Regulations;“Investment Regulations” means the Central Provident Fund (Investment Schemes) Regulations (Rg 9).”.

Read in full context — Central Provident Fund (Amendment) Bill →