Clause 11

by inserting, immediately after subsection (2), the following subsections:“(2A) Where any document or information is necessary for effecting the transfer of any shares vested in the Board under subsection (1) to the person nominated to receive those shares, the Board may, by notice to any person who possesses that document or information, require that person to furnish that document or information to the Board within such reasonable period as may be specified in the notice.(2B) Where a person nominated to receive any shares is entitled to receive any amount payable on the member’s death out of the Fund, the Board may deduct from that amount a sum for the payment of the whole or any part of any fee or charge in connection with the transfer of those shares to the nominated person.”;

by deleting subsection (3) and substituting the following subsection:“(3) Notwithstanding subsection (2), the Board may sell any shares vested in the Board under subsection (1), in such manner and at such time as may be prescribed by any regulations made under section 77(1), if —

the Board is for any reason unable to transfer those shares to the person nominated to receive those shares;

the nominated person has instructed the Board to sell those shares;

the nominated person is an undischarged bankrupt;

the nominated person has died;

the 7th anniversary of the day of the member’s death has passed; or

there exist such other circumstances as may be prescribed in those regulations.”;

by deleting subsection (4) and substituting the following subsections:“(4) Where the Board has sold, under subsection (3), any shares which a person is nominated to receive —

the Board may deduct a sum for the payment of the whole or any part of any fee or charge in connection with the sale of those shares from the proceeds of the sale of the shares; and

the Board shall deal with the proceeds of the sale of the shares (after making any deduction under paragraph (a)) in accordance with subsections (4A), (4B) and (4D).(4A) Where the memorandum executed by the deceased member under section 25(1) provides for payment in accordance with section 25(1)(a)(i) (whether or not the person nominated to receive the shares is a citizen or permanent resident of Singapore), or where the memorandum executed by the deceased member provides for payment in accordance with section 25(1)(a)(ii) but the person nominated to receive the shares is not a citizen or permanent resident of Singapore —

the Board shall, as soon as practicable and after such application as the Board may require has been made to the Board, pay the proceeds of the sale of the shares (after making any deduction under subsection (4)(a)) —

subject to sub-paragraphs (ii) and (iii), to the nominated person;

if the nominated person (not being a widow of the deceased member) is below the age of 18 years at the time of the payment, to the Public Trustee; or

if the nominated person has died, and the proceeds of the sale of the shares do not exceed such amount as the Minister may, by notification in the Gazette, specify, to a proper claimant; and

the following shall be a discharge to the Board in respect of the shares sold under subsection (3):

the receipt of the nominated person for the proceeds of the sale of the shares, if paragraph (a)(i) applies;

the receipt of the Public Trustee for the proceeds of the sale of the shares, if paragraph (a)(ii) applies; or

the receipt of the proper claimant for the proceeds of the sale of the shares, if paragraph (a)(iii) applies.(4B) Where the memorandum executed by the deceased member under section 25(1) provides for payment in accordance with section 25(1)(a)(ii), and the person nominated to receive the shares is a citizen or permanent resident of Singapore —

the Board shall, as soon as practicable and after such application as the Board may require has been made to the Board —

subject to sub-paragraph (ii), pay to the nominated person’s accounts in the Fund, in such manner as the member has specified in the memorandum, the proceeds of the sale of the shares (after making any deduction under subsection (4)(a)); or

if those proceeds exceed such maximum amount as the Minister may determine, pay that maximum amount to the nominated person’s accounts in the Fund in such manner as the member has specified in the memorandum, and pay the excess —

subject to sub-paragraphs (B) and (C), to the nominated person;

if the nominated person (not being a widow of the deceased member) is below the age of 18 years at the time of the payment, to the Public Trustee; or

if the nominated person has died, and the excess does not exceed such amount as the Minister may, by notification in the Gazette, specify, to a proper claimant; and

the following shall be a discharge to the Board in respect of the shares sold under subsection (3):

the receipt of the nominated person for the proceeds of the sale of the shares, if paragraph (a)(i) or (ii)(A) applies;

the payment of the amount referred to in paragraph (a)(ii) to the nominated person’s account and the receipt of the Public Trustee for the balance of the proceeds of the sale of the shares referred to in paragraph (a)(ii), if paragraph (a)(ii)(B) applies; or

the payment of the amount referred to in paragraph (a)(ii) to the nominated person’s account and the receipt of the proper claimant for the balance of the proceeds of the sale of the shares referred to in paragraph (a)(ii), if paragraph (a)(ii)(C) applies.(4C) Subsections (4A) and (4B) shall not affect any recourse which any person may have against a proper claimant for any amount paid to the proper claimant under subsections (4A)(a)(iii) and (4B)(a)(ii)(C), respectively.(4D) Where the Board is for any reason unable to deal with the proceeds of the sale of the shares (after making any deduction under subsection (4)(a)) in accordance with subsection (4A) or (4B), the Board shall pay those proceeds into the general moneys of the Fund.(4E) For the avoidance of doubt, subsection (4D) does not preclude the Board from dealing with the proceeds of the sale of the shares (after making any deduction under subsection (4)(a)) in accordance with subsection (4A) or (4B) after those proceeds have been paid into the general moneys of the Fund.(4F) For the purposes of subsection (4B)(a)(ii), the Minister may determine different maximum amounts for different classes of persons nominated to receive the shares.”;

by deleting subsection (5) and substituting the following subsection:“(5) In this section —“child” means a legitimate child and includes any child adopted by virtue of an order of court under any written law for the time being in force in Singapore, Malaysia or Brunei Darussalam;“parent” includes an adoptive parent;“proper claimant” means a person who —

claims to be entitled to the proceeds of the sale of a deceased nominated person’s portion of the shares vested in the Board under subsection (1) or the balance thereof as executor of the deceased nominated person; or

claims to be entitled to the proceeds of the sale of a deceased nominated person’s portion of the shares vested in the Board under subsection (1) or the balance thereof (whether for his own benefit or not), and is the widower, widow, child, grandchild, parent, brother, sister, nephew, niece, grandparent, uncle or aunt of the deceased nominated person.”; and

by deleting the section heading and substituting the following section heading:“Distribution and disposal of certain shares on death of member who dies on or after 1st January 1996 and has executed memorandum under section 25(1)”.