Singapore legislation

Clause 7

of Central Provident Fund (Amendment) Bill

Clause 7

Amendment of section 45

Section 45(1) of the principal Act is amended —

(a)

by deleting the word “residential” in the fifth and in the seventh lines of paragraph (g) and substituting in each case the word “immovable”;

(b)

by deleting the words “a residential” in the eleventh line of paragraph (g) and substituting the words “an immovable”; and

(c)

by inserting, immediately after paragraph (i), the following paragraph:“(ia)to provide for members of the Fund to apply, assign or withdraw all or part of the contributions and interest standing to their credit in the Fund for the purpose of investing in such precious metals and securities as may be approved by the Minister, or for the reimbursement of the cost of the making of any such investments made before or after the commencement of the Central Provident Fund (Amendment) Act 1986, including the payment of any fees, charges or incidental expenses incurred for such investments;”.