Singapore legislation

Clause 3

of Central Provident Fund (Amendment) Bill

Clause 3

Amendment of section 77

Section 77 of the Central Provident Fund Act is amended —

(a)

by inserting, immediately after paragraph (g) of subsection (1), the following paragraph:“(ga)to provide for members of the Fund to apply or withdraw all or part of the contributions and interest standing to their credit in the Fund —

(i)

for the repayment of any loan taken to finance or re-finance the purchase of any land (with or without any building thereon) and the cost incurred for the construction of any dwelling-house thereon, including the payment of any cost, fee or other incidental expense incurred for the purchase of that land and the construction of the dwelling-house; and

(ii)

for the reimbursement of the cost for the purchase of any land (with or without any building thereon) and the construction of any dwelling-house thereon, including the payment of any cost, fee or other incidental expense incurred for the purchase of that land and the construction of the dwelling-house;”; and

(b)

by inserting, immediately after subsection (2), the following subsection:“(3) No withdrawal shall be allowed to any member pursuant to regulations made under subsection (1)(ga) unless the construction of his dwelling-house has been completed and a temporary occupation permit in respect of the dwelling-house has been issued by the relevant Government authority; and for the purposes of this subsection and subsection (1)(ga), “dwelling-house” means any building which is constructed to be used for human habitation.”.

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