Clause 4

Where in accordance with any regulations made under section 29 of this Act, a member of the Fund has on or after 1st June, 1981, withdrawn any money standing to his credit in the Fund to purchase a house or flat or to repay wholly or partly any loan made to the member in connection with the purchase of a house or flat there shall be a charge on the house or flat to secure the repayment of the money withdrawn from the Fund including the interest that would have accrued thereto if the withdrawal had not been made where such repayment is required by those regulations.(2) Upon lodgement by the Board with the Registrar of an instrument (which shall be in such form as the Registrar may require) for the purpose of registering or notifying any charge under subsection (1) of this section and the acceptance of the instrument by the Registrar, the Board shall have the power of sale and all other powers relating or incidental thereto as if the Board is a registered mortgagee.(3) The Registrar shall not be concerned to enquire into the regularity or validity of a charge under subsection (1) of this section, and shall, on acceptance of the instrument to register or notify the charge, register or notify the charge in the appropriate register maintained by the Registrar under the Land Titles Act (Cap. 276), the Land Titles (Strata) Act (Cap. 277) or the Registration of Deeds Act (Cap. 281), as the case may be.(4) Any charge under subsection (1) of this section shall be subject to all statutory rights and charges of any public authority over the house or flat and, in the absence of any agreement giving priority to the Board, to all encumbrances registered or notified prior to the date of acceptance by the Registrar of the instrument to register or notify the charge.(5) Where further withdrawals are authorised by the Board after the registration or notification of any mortgage or charge made in favour of the Board at any time on or after 1st June, 1981, or after the acceptance by the Registrar of the instrument lodged under subsection (2) of this section for the purpose of registering or notifying a charge under subsection (1) of this section, such withdrawals shall rank in priority to any other claims as if the withdrawals were made at the date of the creation of the mortgage or charge.(6) Section 70 of the Land Titles Act (Cap. 276) and section 16 of the Registration of Deeds Act (Cap. 281) shall not affect any charge under subsection (1) of this section after the Board has given notice in writing of the charge to a prior mortgagee or after acceptance by the Registrar of the instrument to register or notify the charge under subsection (2) of this section, and any advances made by a prior mortgagee at any time after the Board has given notice in writing of the charge or after acceptance by the Registrar of the instrument to register or notify the charge shall not rank in priority to the said charge.(7) Where a member has withdrawn any money from the Fund in accordance with regulations made under section 29 of this Act and such money is no longer required to be repaid to the Fund, the member shall be entitled to have the charge under subsection (1) of this section cancelled.(8) In this section —“public authority” means the Government, Collector of Land Revenue, Comptroller of Property Tax, and shall include any other person, corporation or body, authorised or empowered by any written law to attach, sell, or acquire land compulsorily;“Registrar” means —

the Registrar of Titles and includes a Deputy Registrar of Titles and an Assistant Registrar of Titles appointed under the Land Titles Act; and

where the occasion requires, the Registrar of Deeds and includes a Deputy Registrar of Deeds appointed under the Registration of Deeds Act.(9) This section shall not apply to any house or flat or class of houses or flats which the Minister may, by notification in the Gazette, specify.”.