Clause 33 — Central Provident Fund (Amendment) Bill

(a)

in the section heading, replace “in relation to which undertaking has been given under section 15AB(3) or (4)” with “with undertaking under section 15AB(3) or (4) or 21C(2) or 21D(1)”;

(b)

in subsection (1), replace paragraph (c) with —“(c)the member has given or is deemed to have given any of the following undertakings:

(i)

an undertaking under section 15AB(3), or (with the other person or persons mentioned in paragraph (b)) under section 15AB(3) or (4), to refund to the Board an amount equal to the member’s retirement sum or part thereof which is required to be set aside in the event the immovable property is sold or otherwise disposed of;

(ii)

an undertaking deemed to be given under section 21C(2), where the relevant undertaking referred to in that provision is an undertaking mentioned in sub‑paragraph (i) or under section 27D(1)(j)(i) or 21C(2), for the refund mentioned in that sub‑paragraph to be made from the proceeds of the disposal of the replacement property in the event that the replacement property is subsequently sold or otherwise disposed of;

(iii)

an undertaking deemed to be given under section 21D(1), where the relevant undertaking referred to in that provision is an undertaking mentioned in sub‑paragraph (i) or under section 27D(1)(j)(i), for the refund mentioned in that sub‑paragraph to be made from the proceeds of the disposal of the immovable property in the event that the immovable property is subsequently sold or otherwise disposed of;”;

(c)

in subsections (1)(d) and (2)(d), after “immovable property”, insert “or replacement property (as the case may be)”;

(d)

in subsection (1), after “then, subject to”, insert “subsection (1A) and”;

(e)

in subsection (1)(i), after “section 15AB(3) or (4)”, insert “, 21C(2) or 21D(1)”;

(f)

after subsection (1), insert —“(1A) In the case of an undertaking mentioned in subsection (1)(c)(ii) in respect of a replacement property, subsection (1) applies with the following modifications:

(a)

any reference to immovable property in subsection (1)(h), (i) and (j) (except sub‑paragraph (i)) is to be read as a reference to the replacement property;

(b)

in addition to subsection (1)(l), any reference to immovable property in section 15AB(14)(a) to (c) is to be read as a reference to the replacement property.”; and

(g)

in subsection (2), replace paragraph (c) with —“(c)the member has given or is deemed to have given any of the following undertakings:

(i)

an undertaking under section 15AB(3), or (with the other person or persons mentioned in paragraph (b)) under section 15AB(3) or (4), to refund to the Board an amount equal to the member’s retirement sum or part thereof which is required to be set aside in the event the immovable property is sold or otherwise disposed of;

(ii)

an undertaking deemed to be given under section 21C(2), where the relevant undertaking referred to in that provision is an undertaking mentioned in sub‑paragraph (i) or under section 27D(1)(j)(i) or 21C(2), for the refund mentioned in that sub‑paragraph to be made from the proceeds of the disposal of the replacement property in the event that the replacement property is subsequently sold or otherwise disposed of;

(iii)

an undertaking deemed to be given under section 21D(1), where the relevant undertaking referred to in that provision is an undertaking mentioned in sub‑paragraph (i) or under section 27D(1)(j)(i), for the refund mentioned in that sub‑paragraph to be made from the proceeds of the disposal of the immovable property in the event that the immovable property is subsequently sold or otherwise disposed of; and”.