Singapore legislation

Clause 5

of Central Provident Fund (Amendment) Bill

Clause 5

Amendment of section 15

Section 15 of the principal Act is amended —

(a)

by deleting the words “or both of them jointly” in the 1st line of subsection (9);

(b)

by deleting the words “(or both of them)” in the 7th line of subsection (9);

(c)

by deleting the words “or by them jointly,” in the 9th line of subsection (9);

(d)

by inserting, immediately after subsection (9), the following subsection:“(9A) Where a member and one or more related persons jointly own any immovable property of a value equal to or exceeding the minimum sum, the Board may permit the member —

(a)

to withdraw the minimum sum or part thereof from his account with an approved bank or his retirement account; or

(b)

to surrender his approved annuity,if the member and the related person or persons, as the case may be, agree to the creation of a charge on the immovable property owned by them to secure the payment to the Board of the minimum sum for any of the purposes mentioned in subsection (6).”;

(e)

by inserting, immediately after subsection (10), the following subsection:“(10A) Where a member and one or more persons jointly own any immovable property sold by a Housing Authority or by a lessee of a Housing Authority, the Board may permit the member —

(a)

to withdraw the minimum sum or part thereof from his account with an approved bank or his retirement account; or

(b)

to surrender his approved annuity,if the member and the person or persons, as the case may be, give an undertaking to refund to the Board an amount equal to the minimum sum or part thereof which the member is required to set aside for any of the purposes mentioned in subsection (6) in the event the property is sold or otherwise disposed of.”;

(f)

by deleting the words “or both,” in subsection (15)(c) and substituting the words “, or the member and the related person or persons,”; and

(g)

by deleting subsection (16) and substituting the following subsection:“(16) In this section —“approved”, in relation to a bank or an annuity from an insurer, means approved by the Board for the purposes of this section;“Housing Authority” has the same meaning as in section 28;“related person”, in relation to a member, means —

(a)

his spouse;

(b)

a child of the member, including an adopted child and a step-child;

(c)

a father or mother of the member;

(d)

a brother or sister of the member;

(e)

a grandchild of the member;

(f)

a grandparent of the member; or

(g)

any other person who in the opinion of the Board should be regarded as a related person for the purposes of this section.”.

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