Singapore legislation
Regulation 12
of Central Provident Fund (Approved HDB-HUDC Housing Scheme) Regulations 1987
Regulation 12
Repayment of moneys to Board where property is compulsorily acquired
Subregulation 1
Where —
a member —
has withdrawn any moneys under these Regulations in respect of a property; or
is required under section 27C(1)(g), 27DA(1)(g), 27DB(2)(c) or 27E(1)(f) of the Act to make a payment to the Fund upon the sale or disposal of a property; and
the property is compulsorily acquired under —
section 63 of the Housing and Development Act 1959; or
any other written law,the member must pay to his or her account in the Fund the amount specified in paragraph (2) or such other amount as the Board may allow, taking into consideration the circumstances of each case.
Subregulation 2
The member whose property has been acquired must pay to his or her account in the Fund, in the manner determined by the Board, whichever is the lesser of the following amounts:
the net proceeds of the acquisition; (b)such of the following amounts as may be applicable to the member or, if both amounts are applicable to him or her, the aggregate of both amounts:
where paragraph (1)(a)(i) applies to the member, all moneys withdrawn by him or her in connection with the purchase of the property (including any moneys lent to that member under section 14A of the Act in connection with such purchase and withdrawn by that member which have not been repaid), together with the whole or such part (as the Board may determine) of any interest that would have been payable on the moneys if the withdrawal had not been made;
where paragraph (1)(a)(ii) applies to the member, the relevant amount.
Subregulation 3
In this regulation —
Definition
“net proceeds of the acquisition”, in relation to any property which has been acquired, means the excess (if any) of —
the amount of compensation paid upon the acquisition of the property; over(b)the aggregate of the following amounts paid in the following order:
any amount under a housing loan which has not been repaid; (ii)any amount which, under any written law, is to be paid to any other person in priority to the Fund;
Definition
“relevant amount” means —
in relation to a member who is required under section 27C(1)(g) of the Act to make a payment to the Fund upon the sale or disposal of a property, the excess (if any) of —
the amount payment of which was secured by all of the charges on the property mentioned in section 27C(1)(b) of the Act; over(ii)the amount which has been paid to the Board under section 27C(1)(e) of the Act towards covering the deficiency in the retirement sum which the spouse is required to set aside;
in relation to a member who is required under section 27DA(1)(g) of the Act to make a payment to the Fund upon the sale or disposal of a property, the excess (if any) of —
the amount payment of which was secured by all of the charges on the property mentioned in section 27DA(1)(b) of the Act; over(ii)the amount which has been paid to the Board under section 27DA(1)(e) of the Act towards covering the deficiency in the retirement sum which the spouse is required to set aside; (c)in relation to a member who is required under section 27DB(2)(c) of the Act to make a payment to the Fund upon the sale or disposal of a property, the excess (if any) of —
the amount payment of which was secured by all of the charges on the property mentioned in section 27DB(1)(b) of the Act; over(ii)the amount which has been paid to the Board under section 27DB(2)(a) of the Act towards covering the deficiency in the retirement sum which the spouse is required to set aside; or
in relation to a member who is required under section 27E(1)(f) of the Act to make a payment to the Fund upon the sale or disposal of a property, the excess (if any) of —
the amount which would have been payable to the account of the member’s spouse in the Fund under paragraph (2) (excluding such interest or part of such interest payable under that paragraph as the Board may determine), if there was no order of court mentioned in section 27E(1)(c) of the Act requiring the transfer (other than by way of sale) of the spouse’s interest in the property to the member; over(ii)the amount which has been paid to the Fund to the credit of the spouse under section 27E(1)(e) of the Act;
Definition
“spouse” includes a former spouse;
Definition
“time of the acquisition” means the date of issue of the notice of intention to acquire under —
section 63(3) of the Housing and Development Act 1959; or
any other written law,as the case may be.
Subregulation 4
Nothing in this regulation applies to the acquisition of any property where the notice of intention to acquire from the Housing and Development Board under section 63(3) of the Housing and Development Act 1959 was issued before 21 December 2001.
Subregulation 5
Regulation 12 as in force immediately before 21 December 2001 continues to apply in respect of an acquisition mentioned in paragraph (4).