Clause 26

by deleting subsections (4C), (4D), (4E), (4F), (4G), (4H) and (4I) and substituting the following subsections:“(4C) Subject to subsection (4D), the Board may suspend the payment of interest on any amount standing to the credit of a member in the Fund on the transfer or crediting of that amount to the general moneys of the Fund on or after the effective date.(4D) Where the Board is notified on or after the effective date that a member has died, the Board may cease to pay interest on —

any amount standing to the credit of the member in the Fund that is or has been transferred or credited to the general moneys of the Fund under section 13(7B) as in force immediately before the effective date or section 13 or 26; and

any designated shares payments paid to the general moneys of the Fund under section 26B as in force immediately before the effective date,on or after either of the following dates:

the date of the transfer of the amount or payment of the designated shares payments (as the case may be) to the general moneys of the Fund before, on or after the effective date;

if the date of the member’s death is later than the date of transfer or payment mentioned in paragraph (c) — the date of the member’s death before, on or after the effective date.(4E) Where —

the Board is notified before the effective date that a member has died;

any amount standing to the credit of that member has not been transferred to the general moneys of the Fund under section 13(7B) as in force immediately before the effective date; and

the Board transfers that amount to the general moneys of the Fund under section 13 on or after the effective date,the Board may cease to pay interest on that amount after that amount is transferred to the general moneys of the Fund.(4F) The Board need not pay interest on the designated shares payments of a deceased designated shareholder that are paid into the general moneys of the Fund under section 26(7)(a) on or after the effective date.(4G) Subsection (4D) does not apply to the amount mentioned in subsection (4D)(a) or designated shares payments mentioned in subsection (4D)(b) if the Board has, under subsection (4C), (4D), (4F) or (4I) as in force immediately before the effective date, ceased to pay interest on that amount or designated shares payments, as the case may be.(4H) Where, immediately before the effective date, the Board has, under subsection (4E), (4G) or (4H) as in force immediately before that date, suspended the payment of interest on any of the following amounts, the payment of interest continues to be so suspended on or after that date as if that subsection had not been deleted, subject to the application of subsection (4D) or the restoration of interest under this Act:

any amount standing to the credit of a member in the Fund that has been transferred to the general moneys of the Fund before the effective date;

any designated shares payments that were credited into the general moneys of the Fund before the effective date.(4I) Where, immediately before the effective date, the Board has, under subsection (4C), (4D), (4F) or (4I) as in force immediately before that date, ceased the payment of interest on any of the amounts mentioned in subsection (4H)(a) or (b), the payment of interest continues to be ceased on or after that date as if that subsection had not been deleted, subject to the restoration of interest under this Act.”; and

by inserting, immediately after subsection (5), the following subsection:“(6) In this section, “effective date” means the date of commencement of section 26 of the Central Provident Fund (Amendment) Act 2021.”.