Clause 8

in subsection (1), replace “The” with “Subject to subsections (2A) and (2B), the”;

after subsection (2), insert —“(2A) Where either Account A or Account B (mentioned in subsection (1)) or both are special accounts that have since been closed under section 13AA(1), subsections (1) and (2) apply with the following modifications:

if only Account A is closed —

any refund to Account B under subsection (1) must be deducted from the relevant individual’s accounts in the Fund in accordance with section 13AA(7) or (8), whichever is applicable; and

any interest in respect of the refunded amount under subsection (2)(b) must be deducted from the relevant individual’s accounts in the Fund in accordance with section 13AA(7) or (8), whichever is applicable;

if only Account B is closed —

any refund to Account B under subsection (1) must be paid to the member’s accounts in the Fund in accordance with section 13AA(4); and

any interest in respect of the refunded amount under subsection (2)(a) must be paid to the member’s accounts in the Fund in accordance with section 13AA(5) or (6), whichever is applicable;

if both Account A and Account B are closed —

any refund to Account B under subsection (1) must be paid to the member’s accounts in the Fund in accordance with section 13AA(4) by deducting that refund from the relevant individual’s accounts in the Fund in accordance with section 13AA(7) or (8), whichever is applicable;

subsection (2)(a) applies as modified by paragraph (b)(ii); and

subsection (2)(b) applies as modified by paragraph (a)(ii).(2B) Where the moneys transferred to Account A mentioned in subsection (1) have been transferred to another account in the Fund of the relevant individual (called in this subsection Account C) pursuant to section 13(7C), 15(6CA), 15AA(5) or 18(4), subsections (1) and (2) apply with the following modifications:

any refund to Account B under subsection (1) must be deducted from Account C;

any interest in respect of the refunded amount to be deducted under subsection (2)(b) must be deducted from Account C, and is the whole or any part, as the Board may determine, of —

any interest paid into Account A and Account C that accrued to the refunded amount while the refunded amount was in Account A and Account C; and

if applicable, any interest paid in respect of the refunded amount in connection with an initial transfer specified in section 13(7D).”; and

in subsection (4), in the definition of “refunded amount”, after “subsection (1)”, insert “, as modified by subsection (2A) or (2B), if applicable”.