Clause 34 — Central Provident Fund (Amendment) Bill

(a)

in the section heading, replace “in relation to which charge has been created under section 15AB(10) or (11)” with “with charge under section 15AB(10) or (11) or 21C(1)”;

(b)

in subsection (1), replace paragraph (b) with —“(b)any of the following charges has been constituted:

(i)

a charge constituted under section 15AB(10) or (11) on an immovable property wholly owned by the member or jointly owned by the member and one or more other persons (as the case may be) to secure the payment to the Board of the amount withdrawn by the member;

(ii)

a charge constituted under section 21C(1) on a replacement property to secure the payment to the Board of the amount withdrawn by the member, where the relevant charge referred to in section 21C(1)(a) is a charge mentioned in sub‑paragraph (i) or a charge under section 21C(1) for the payment to the Board of the amount withdrawn by the member;”;

(c)

in subsections (1)(c) and (2)(c), after “immovable property”, insert “or replacement property (as the case may be)”;

(d)

in subsection (1), after “then, subject to”, insert “subsection (1A) and”;

(e)

after subsection (1), insert —“(1A) In the case of a charge mentioned in subsection (1)(b)(ii) on a replacement property, subsection (1) applies with the following modifications:

(a)

any reference to immovable property in subsection (1)(g), (h), (i) and (k) is to be read as a reference to the replacement property;

(b)

in addition to subsection (1)(j), any reference to immovable property in section 15AB(14)(b) and (c) is to be read as a reference to the replacement property.”;

(f)

in subsection (2), replace paragraph (b) with —“(b)any of the following charges has been constituted:

(i)

a charge constituted under section 15AB(10) or (11) on an immovable property wholly owned by the member or jointly owned by the member and one or more other persons (as the case may be) to secure the payment to the Board of the amount withdrawn by the member;

(ii)

a charge constituted under section 21C(1) on a replacement property to secure the payment to the Board of the amount withdrawn by the member, where the relevant charge referred to in section 21C(1)(a) is a charge mentioned in sub‑paragraph (i) or a charge under section 21C(1) for the payment to the Board of the amount withdrawn by the member; and”; and

(g)

in subsection (2), replace “is entitled” with “or replacement property (as the case may be) is entitled”.